Just like any other type of debt, student loans can be a huge burden that you carry with you for years. There are tools available to help manage your student loan payments and make the repayment process easier.
Here are 15 apps for managing your student loans and how they can work together to ease your burden.
Tool #1: Unbury.me
Unbury.me offers a simple loan calculator for students that lets you create repayment plans and figure out your target date to be debt-free.
With information inputted from multiple loans, it’s easier than ever before to get a full picture of your progress in paying off student debts!
Tool #2: ionTuition
ionTuition can help you manage your student loans by providing an easy-to-use interface to generate monthly payment plans for any amount of debt. It also helps create a budget and calculates how much money will be saved with the ionTuition plan.
Tool #3: Student Loan Hero
Student Loan Hero can help you manage your loans by showing monthly payments and everything that goes into them.
It also provides access to a student loan calculator, which is especially useful for those in different repayment plans or who want to know how much interest they will pay over the life of their loan.
Tool #4: ChangEd
ChangEd is a personal finance company that helps you pay off your debt and build savings by providing transparent, one-page insights into how an individual’s spending habits affect their bottom line.
It also provides access to the Student Loan Calculator which can help provide insight on monthly payments as well as the interest paid overtime in different repayment plans.
Tool #5: Mint
Mint is a personal finance tool that helps you stay on top of your spending by having all your transactions in one place. You can categorize expenses, set financial goals and get an overview of where you are at financially with their monitoring tools.
Tool #6: Undebt.it
Undebt.it is a tool that gives users an easy way to manage their loans by enabling them to make monthly payments, view interest rates and compare different repayment plans with one click.
Tool #7: Pay Off Debt App
The Pay Off Debt App is a free app for Android and iOS users that help you create realistic budgets, set savings goals and figure out the best repayment plan to help manage your debt.
Tool #8: SoFi
SoFi is a tool that helps you manage loans. You can set up email and text alerts, analyze your spending habits or save money by buying term life insurance for yourself.
Tool #9: Credible
Credible is a tool that helps you find the best student loan rates. You can enroll in refinancing programs and get personalized recommendations on how to pay off your debt faster.
Tool #10: CreditWise from Capital One
CreditWise from Capital One is a tool that helps you track your credit.
You can get alerts about changes in your credit score, set up text messages and emails to keep on top of all the activity on your account. You can even find out if it’s worth repairing your credit history.
Tool #11: LearnVest
LearnVest is a tool that helps you pay off your loans and save for the future. You get personalised recommendations on how to make money work in your favour. It keeps you updated on current student loan interest rates and it even tracks your progress towards your financial goals.
Tool #12: Digit
Digit is a personal financial assistant that helps you save money without thinking about it. It analyses your income, spending and account balances to figure out how much of your salary should go into your savings.
Tool #13: Yodlee
Yodlee is an all-in-one personal finance tool that allows you to manage your money and make the most of it. Yodlee can help you set up text alerts, email alerts or even a phone call if there’s ever any suspicious activity on your account.
Tool #14: Vertex42 Debt Reduction Calculator via Google Sheets
This debt reduction calculator is a spreadsheet that will help you to enter your current balances, monthly payments and interest rates.
It calculates the length of time it will take for each loan to be repaid in full, (in years), and how much total interest you’ll pay over the lifespan of each loan
Tool #15: Savvy Money
Savvy Money is a free financial tool that allows you to track your spending habits and gives you personalised tips on how to reduce debt, save more money and build wealth.
What Is the Best Way to Manage Debt and Repay Student Loan Balances?
The best way to manage debt and repay student loan balances is through a comprehensive approach. The first step would be to figure out which loans you want to tackle first, whether that’s based on interest rates or the total balance owed.
What Are the Best Tools to Use for Managing My Student Loans?
There are many tools out there that can help you manage your student loans. The best tool for managing your student loan would depend on what type of information and financial data you want to use in order to make a decision about repayment options or applying for more funding.
What Are the Benefits of Using Tools for Student Loan Management?
There are a number of benefits for using tools to manage your student loans. The first is that they can allow you to maintain an overview of all the different types and balances of debt, which in turn allows you to create more effective repayment strategies or request alternative forms of funding as necessary.
Do I Have to Pay for the Tools?
No. There are a number of free tools that you can use to manage your student loans, and many will offer additional features for a fee.
It can be helpful to have a plan in place for managing your student loans.
Whether it’s about budgeting, paying off the principle balance, or finding ways to refinance and lower your monthly payments – having tools that will help you through this process can make all the difference.