If you're one of the 43 million Americans who has gone into debt paying for college, here's how to pay off student loans fast using tech.
Over the past decade, student loan debt has increased by 66%, climbing to more than $1.77 trillion in 2023 according to the Federal Reserve. That figure is spread among more than 43 million Americans. If you’re one of them, here’s how to pay off student loans fast using tech.
TuitionFit
Cost: Free
Available for: Web
If you want to figure out what others are paying, check out TuitionFit, advises Joe Messinger, CFP, and CEO of College Aid Pro. “It’s essentially the Kelley Blue Book for college.” TuitionFit combs through thousands of financial aid offers shared by prior year users to identify schools that have offered students like you a price in your price range.
In the fall of your senior year of high school, share one of your own award offers to view the financial aid award offers shared by similar students. In the spring of your senior year — as you’re hurtling towards that final college decision — you want to ensure you get the best possible price. TuitionFit’s customized display will show you exactly what similar students have been offered. Use that information as leverage to negotiate with colleges.
Changed
Cost: $4 per-month for an annual plan
Available for: iOS, Android
The Changed app can help you pay off your student loans without any extra effort on your part. Here’s how it works: Changed links to all your credit and debit cards, and with each transaction you make, it rounds up to the nearest dollar. Changed then takes the extra change and sends it directly to your student loan provider. In other words, if your morning coffee is $3.40, that remaining $0.60 will head straight towards your loan. You’ll be paying down your debt without even noticing the difference in your monthly budget.
YNAB (You Need A Budget)
Cost: Free
Available for: iOS, Android, Web
There’s nothing like good ol’ budgeting when it comes to helping you pay down your student debt. You Need A Budget, known as “YNAB,” can help you track purchases and keep your finances in check. YNAB also features a “loan planner” tool, where you’ll be able to see how much interest you’ll save by putting extra money toward debt.
College Raptor
Cost: Free
Available for: Web
One of the biggest ways to avoid a hefty load of student loan debt is making sure the college you choose is affordable. College Raptor offers side-by-side comparisons of estimated financial aid packages, as well as tools to help you find the best school for your academic and career goals, as well as your budget.
Undebt.it
Cost: Free (upgraded plans are available at an additional cost)
Available for: Web
Undebt.it is a free website that helps show you how quickly you can pay off loans using different debt strategies. After you plug in your information, you’ll be shown when your debt will be paid off depending on the method you use and how much you can save on interest by paying it off early. There’s also the option to upgrade to Undebt.it+, which will send you text message reminders, integrate your account with the YNAB app and give you access to other features.
MORE ON HERMONEY:
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- 8 Surprise College Expenses And How To Get Out Ahead Of Them
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