In 2010, the American Dialect Society, which studies the English language in North America, chose the word “app” as its word of the year. Nine years later, it seems that for almost every situation, there’s an app for it. Student loan debt is no exception. In fact, there are several applications, and the most difficult can be to choose the one that best suits the stage of repayment in which the borrowers find themselves at the time.
Need to set up automatic payments for student loans? Want to calculate student loan repayment? Looking for ways to increase your monthly student loan payments? Looking for unusual ways to help you pay off your student debt? Applications are available for each of these tasks.
Of course, not all apps are created equal. And while many apps are free, not all of them are. However, the costs are generally minimal for those with fees. The Student Loan Ranger has put together a few debt-related apps with details for anyone looking for an app for whatever it is:
- Sally Mae
- Debt repayment planner and follow-up
- debt repayment assistant
To set up automatic payments and track private student loans offered by Sallie Mae, check out Sallie Mae’s app which received an AVA Digital Gold Award in 2017. AVA sponsors an international competition that recognizes excellence in digital communication. The app supports iOS 11 and Android Oreo and is free.
The FedLoan Mobile App is similar and also free for those whose loan servicer is the Pennsylvania Higher Education Assistance Agency, better known as FedLoan Servicing. A notable feature of this app is the ability to apply for an income-based repayment plan by uploading income verification directly through the app. The app is available for iPhone and Android.
The Debt repayment planner and follow-up is an app for those who are ready to find the best way to repay their loans, from student loans to other types of debt. Three options – debt snowball, which first targets the loan with the lowest balance; the avalanche of debt, which first targets the loan with the highest interest rate; and a personalized plan – can be explored after entering loan details with an easy-to-use debt calculator. This app is free and available for iPhone and Android users.
debt repayment assistant is another free loan calculator app that is not limited to student loan debt. This app is for iOS devices only and focuses on the snowball method of paying off debts, in which a borrower first pays off the debt with the lowest balance, regardless of the interest rates of those balances. As a debt is paid off, the amount that was applied to that debt is then added to the payment made to the next highest balance. This continues until all debts are finally repaid.
Spare change can help pay off student loans through the app Amended. This app is free to download, but charges $1 per month to track regular daily purchases and round them up to the nearest dollar. This “spare currency” is then placed in an account to save for additional student loan payments. Once the balance reaches $100, the money is automatically sent to the designated student loan. The app supports both iPhone and Android users.
Another application very similar to ChangEd is Qoins, which also rounds up purchases. This application will apply the collected funds to student loans or any debt of the user. The cost of this application is $1.99 per month. Unlike ChangeEd, money is sent monthly without having to reach a minimum. Android and iPhone versions are available for this application.
Find the best student loans for you
To finish, Give is an application that belongs to the category of unusual avenues to help pay off debt. The app randomly matches people to form a three-person team to play a game in which users answer true or false trivial questions. Winning teams split the winnings from the game, and winners can win up to $50,000 each to pay off student loan or mortgage debt.
The first two games on Givling in a 24 hour period are free; additional games during this period cost $0.50 each, plus an additional $0.30 transaction fee, and players must purchase a Givling coin before playing. According to Givling, buying more coins at once will reduce the cost of each coin. The app is available for iPhone and Android users.
The Student Loan Ranger recommends researching the application options to find the best one for the current situation. Keep in mind that some apps can be used in tandem with each other, while it might be a good idea to stop using an app at some point in the student loan repayment process and start to use another one instead.