Utilize these innovative apps and websites to simplify the process of repaying your student loans and reducing your financial burden.
For many Americans, student loan debt ranks among the most significant challenges after school. The total stands at over $1.5 trillion, affecting 44 million borrowers. This staggering figure has increased by $29 billion in just the last quarter, a reflection of the average student graduating in 2016 with $37,172 in debt.
Such debt can linger indefinitely, making it crucial to stay organized and proactive. These applications help you manage your student loans effectively and keep you informed throughout the repayment journey.
IonTuition
IonTuition consolidates your federal and private loans into one comprehensive dashboard, allowing you to monitor all your student loans seamlessly. The app notifies you of any changes, ensuring you're always aware of your obligations.
It also provides insights into how much you owe, your loan servicers, and tips for optimizing your repayment strategy, complete with access to live loan counselors and repayment calculators.
Unbury.Me
This free online tool is invaluable for those grappling with substantial student debt, offering two repayment methods: the “snowball” for smallest to largest debts or the “avalanche” for highest to lowest interest rates. You can determine which approach suits your financial situation best — and estimate when you'll hit your goals. Plus, you can visualize the impact of making extra payments each month.
Its graphical representations provide a clear view of your debts over time, helping you experiment with different repayment plans until you find the perfect fit.
Student Loan Hero
Student Loan Hero enables you to connect all of your student loans into one streamlined dashboard, simplifying your debt tracking. This platform keeps your loan details updated, showing current balances, interest rates, and monthly payments in real-time.
Additionally, it features user-friendly calculators for prepayment, refinancing, and deferment, assisting you in finding the most suitable repayment plan.
ChangEd
Similar to other apps that help you save effortlessly, ChangEd links to your bank account and analyzes your spending patterns to discover small amounts to save without you noticing. Once your savings reach $100, it sends that money directly as an extra payment to your loan servicer.
While it requires a $1 monthly fee, the investment pays off, as users can save up to $10,000 in interest by making additional payments. Let’s face it: who doesn't want to reduce the stress of student loan repayments?
COMPARE: If you're considering consolidating your debt, explore personal loan offers from our partner.
