Ever wondered if there’s an easier way to deal with your student loans? Let’s face it, it isn’t something any of us like to deal with but there is a way to pay them off faster and easier. That solution is called SLOAN, an app available to download on iOS and coming soon to Google Play.
On the surface it’s a powerful student loan tracker and management app. You can track up to 30 loans, check interest rates, due dates and make payments – automatically or manually.
The first way the app helps you pay off your loans faster is by letting you pay them off more efficiently, using payment strategies like ‘highest interest first’ or ‘snowball’.
But where the app really shines is in the ways it can help you save money and put it directly towards your loan. It allows you (and your family or friends, if they agree) to round up your everyday credit card and debit card purchases, then pay off your loan with the change. It isn’t abnormal to save $100 per month using this strategy, which can help knock years off your loan on its own!
Peer to peer giving makes it easy for people you know, or other members of the SLOAN community, to contribute towards your loan payments on a long-term or one-off basis. The money goes straight towards your loan, so you won’t be able to use it as beer money.
Employers can also help using the Employee Benefit Plan, which is incredibly easy to set up (not many of us like to bother our bosses). Like with P2P giving, the money goes right towards your loan.
If you have a student loan and you’d like to pay it off sooner, check out SLOAN on the App Store today and coming soon to Google Play!