Student loans—we all hate them, yet we almost all have them. Oftentimes, students take out far more student loans than they actually need. Some students even use their student loans for activities such as spring break, going to dinner, or purchasing a concert ticket. Although this sounds great in the moment, it won’t be so great when college is over and the payments begin. The average college student has over $35,000 in student loan debt, not including all the interest that accumulates. It can take people well over ten years to pay their debt back. But don’t fret, there are many resources and mobile applications that can help you manage your student loans. Below is a list of three resources that will help you manage your student loan debt while you can go about your daily activities. Now, these resources aren’t going to make you debt free today, but if you use them correctly, they could help you pay off your debt a lot faster. Remember, every penny counts.
Top Three Resources
Student Loan Hero
This website allows students to place all their loans (state, federal, etc.) in one place. Many repayment options are available. An individual can start paying back their student loans whenever, and however much they want. Along with this, Student Loan Hero provides resources and advice on their website.
Changed, which appeared on Shark Tank and was invested by Mark Cuban, creates a virtual “piggy bank” for students to save student loan payments. This is how it works: Changed will calculate your spending on everyday purchases and round the purchase up to the nearest dollar. Once the change (from rounding up to the nearest dollar) reaches $100, that money is used to pay off student loans. Again, every penny counts.
Example: A student buys a cup of coffee for $2.45. Changed rounds this up to the nearest dollar, making the purchase $3.00. That means $0.55 cents gets added to the student’s virtual “piggy bank.” Once the “piggy bank” is filled with $100 it will be used towards paying back student loans.
This app has a monthly fee of $1.00.
Clarity is a personal finance app used for tracking spending, finding deals, managing budgets, and helping people create a savings plan. A great way to utilize the clarity app is by making a savings goal. It will allow you to pick something you want to save towards (like student loans). Then it will ask you to pick a day you want to save towards this goal (Tuesday). Lastly, you will tell Clarity how much you want to save every week ($5). In conclusion, every Tuesday, $5 will be put towards student loans. This is a fun and easy way to save money on a weekly basis.
Did you know that the biggest worry students have about college is the overwhelming debt that is accumulating? There have been countless articles released about what causes stress in college students, and finances or debt is almost always on the list. These three resources are designed to make finances less stressful. If you could save $10 on your student loans, would it be worth it? If the answer is yes, download one of these apps and begin saving today.