Managing your student debt can be a daunting prospect, especially as you may be juggling loans from multiple lenders with varying interest rates. But getting on top of this long-term financial obligation is vital, not just to keep your bank balance and credit rating healthy, but – perhaps most importantly – for your peace of mind.
Easier said than done, of course, but a new app called SLOAN aims to give you all the tools needed to do it – and more. It’s the brainchild of founder Bryan Harris, whose personal experience repaying his student loans proved to be a eureka moment. After college, Harris had a six-figure debt, spread across five lenders, and just keeping track was almost impossible. Consolidating his loans made it easier to manage, but doing so meant paying more out each month, adding to the burden.
What Harris would have benefitted from was a loan management hub, where he could handle his complex repayment plan in one place, while on the go, and with ease. That didn’t exist – so he created it. SLOAN is a free app built to efficiently manage just the sort of complex student-loan payment schedule Harris had struggled with. It unobtrusively integrates into your finances, helping you maintain your payments via one multifunctional platform.
Whether you want to dig into the detail, or gain a comprehensive overview, the app gives you a full kit of helpful tools to better understand your loan. Visualise balances, see fulfillment timelines, and view costs associated with prolonged payment and interest rates. You benefit from a range of options with which to tailor your repayments; for example, you can pay weekly or monthly, pay off more on your higher-interest loans, automatically apply purchase round-ups via debit card, and set up automatic deductions from your bank account.
Perhaps most exciting of all is the ability to crowd-fund support from donors and contributors, whether they be family members, your employer, customers or simply some kind-hearted stranger. Your benefactors can even set up a contribution plan which you can manage in-app. All funds go directly towards loan repayment, so they can be confident about how their cash will be spent – and you won’t have the temptation to use it for anything else. SLOAN also features an innovative, patent-pending transfer system which allows you to easily move money between banks, digital wallets and crypto accounts, all from within the app.
At least 45 million students in America hold student debt, and for many, it’s a burden that spans not only multiple accounts, but multiple decades. If you need a powerful tool with which to manage your student loan – or you know someone who does – SLOAN is now available for free from the App Store and will be coming soon to Google Play.