Feeling overwhelmed with the mountain of student loan debt? Well, you are not alone. Millions of graduates all over the world are struggling to make monthly payments towards their student loans. A student loan is not only a hot topic but a financial burden afflicting millions of people all over the world.
In the U.S, the average student heads into the real world with an average of $37,000 in student loan debt. For those who struggle to get the right job after graduation, student loans can be a nuisance especially on the expiry of the grace period.
While most people are usually tempted to ignore the issue, taking a proactive approach to tackling student loan will always be the best course of action.
Given that we are living in a digital world, a student loan repayment app can help you tackle the issue with ease while avoiding high-interest costs.
Below are some of the best apps, perfect for tackling the student loan debacle.
ChangEd is a simple but life-changing iOS app that provides a way of paying off a student loan, faster, while at the same time avoiding high-interest costs. The app works simply by analyzing your spending habits.
With the app, you are required to link a debit or credit card, with your ChangEd account. The app will then round up any purchases to the nearest dollar and then direct the extra change to cater for student loan repayments.
While the app is not free to use, a $1 monthly subscription fee should not be a problem for anyone who is serious about paying off a student loan.
The Android version is still under development.
Student Loan Hero
Unlike other apps, Student Loan Hero is specifically designed for student loan repayment. The app is able to synchronize student loan across all services, into one place, making it easy to track progress when it comes to repayments.
The in-browser tool pulls student loan data from all the major services and then provide an update on current balances. You can also use the application to play with different repayment options from federal payment plans to plans specifically designed for student loan refinancing.
With the app you should be able to see how making extra payments will affect the total loan principal amount in the long run. The app can also help you save a lot of money by personalizing repayment plans to focus on refinancing, forgiveness and other options.
Unbury.me is a simple loan calculator that allows people to pay off a wide array of debts including student loans. The in-browser application provides a wide range of debt repayment strategies with clear graphs that are easy to understand and visualize.
All you have to do is visit their homepage and enter your student loan information including principal remaining, interest rate and monthly minimum payment. Once you insert the information you will be able to view in a dashboard, principle paid interest paid, average interest rate and pay-off date.
In addition to providing debt data, the app goes a step further to provide payment plans that one can deploy to assist in the loan repayment process. Users can select between the avalanche and snowball payment method and select the amount they wish to put toward a monthly payment.
Debt Payoff Assistant App
Debt Payoff is a free iOS mobile app that allows people to make student loan payments and at the same time track progress. Just like Unbury.me, the app comes with the popular snowball method that is recommended by many financial experts.
With Debt Payoff Assistant App, you will be able to make minimum payments on your student loan as well as other debts. You can also try different payment plans with the app as well as see how much extra payment will accelerate the debt payoff.
The student loan repayment app also comes with monthly reports on debt repayment that makes it easy to track progress.
CreditWise is free and easy to use mobile app. The app is not only designed to assist in the repayment of student loan debt but also helps users keep an eye on their credit scores.
The mobile app offers a user-friendly experience that makes keeping on top of student loan easy. With the app also comes Credit Simulator that allows people to see the potential impact of financial decisions before they are made.
CreditWise also provides unlimited access to Transunion credit information without any negative impact on credit scores. The app will also help you understand what is pushing your credit scores up or down as you make monthly payments towards your student loan.
All in all, it is worth remembering that these apps and websites won’t be of any help unless you make changes and do the hard work when it comes to paying off a student loan. The only thing these apps can do is help you create a get-out-of-debt strategy.
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