Mobile Apps That Make Student Loans Easy
Now that you have finally graduated college, you are ready to jump into the real world and start making that fat cash stack, right? Before you do, you must pay back your student loan debt.
Oh, yeah, that. Many college students find themselves ready to get their feet wet, but then they feel that sudden shock of reality when they find their first monthly bill and statement in the mailbox.
Okay, now you have this statement in hand and it says how much you borrowed and how much you owe, but what do you do from there? It can seem quite confusing and you may not even know where to turn right now. Before you panic, there are some awesome mobile apps that will allow you to manage your student loans quickly and efficiently from month to month.
If you already wield a smartphone in one hand, you are already half way to having your student loans under control. Let’s take a look at some of the best mobile apps to help make your student loans easy.
Tuition.io is a popular mobile app that does not cost you a thing. That right there sounds like the real deal huh? This app was first created when the CEO of the company found out that he had 12 different student loans to pay back. And you thought your three or four were difficult to manage!
The app allows students to understand how much money they owe in student loans, how much money goes to which loan servicer, and also when they need to make their payments. The loan tracks payments made and will subtract the appropriate amount to show you how much money you have left to pay until the loans no longer exist.
This application links all of your accounts together, so you can see everything you need to in one single place. This is convenient and it allows you to better manage your student loans without having to save statement after statement each month in a drawer.
This mobile app was first founded in 2009 and the mission of the company is to be able to help people get a better grasp of their money, so that they are able to better afford their dreams. Hey, this makes sense, right? If you do not have money, then you cannot make your dreams happen. Therefore, if you know how to budget and manage your bills, you will better be able to afford the things you want in life.
LearnVest is different than most apps because it provides users with a personal approach to their financial situation. For instance, when you first sign up for the app, you will receive an action plan about your financial situation, custom challenges to help you save money, and a commitment calendar where you decide how much to save.
While there is a free option for this app, there is also a premium option which is designed to better serve customers, but it may not be within your budget. There is a one-time setup fee of $89 to $399 and then a monthly fee of $19 per month. Yikes!
The ReadyForZero mobile app is not just for student loan borrowers or graduate students. In fact, this app is made for everyone and can help with all of your debt. The app was first founded in 2011 and the company states that they have managed more than two billion dollars alone in the US.
To use this app, you will need to link your account, such as your mortgage or rent, credit cards, and student loans. Once done, you will be able to see personal graphs and customized maps about your financial situation. You can then configure the app to help you pay down debt and also setup mobile alerts to remind you of payments.
The traditional version of this app is free, but there is also a premium version that will cost you $10 to $15 per month.
SponsorChange.org is a unique mobile app that helps graduate students pay down debt while they serve in their communities. The way this app works is by sponsors/donors providing donations or money to a graduate when they perform community service. This monetary donation can then be applied to the graduate’s student loans and in return helps them pay down their debt.
Graduates are called change agents and to use this application, you must be able to prove that you are a graduate, you have student loan debt, and that you have performed the community service. Change agents are required to provide SponsorChange.org with their student loan account information and the company makes direct payments to their student loans for them.
This is a great way to ensure that the money is going toward your student loans. If the company did not do this, many students may be tempted to use the money elsewhere and then they would still be left with their debt.
Founded in 2006, this mobile app is able to help you manage and track all of your federal and private student loans and personal finances in one single place. The app will provide you with detailed descriptions and analysis of your spending and budget, so you can stay on top of your monthly payments with ease.
You do not have to pay to create an account, which is a plus for many students who are already struggling financially. The website also provides you with a variety of free resources to use that will help you decipher how much to pay towards your student loans, how extra payments help you save money, and more.
If you are looking to better manage your student loans, you will find all five of the above options great. Most of the apps are free and some of them have premium upgrades that you will need to pay for. It is important that you learn how to properly manage your student loans to avoid default and any of these mobile apps can help you get started on the right foot.