I received a friendly reminder via snail mail the other day that my first student loan payment was fast approaching the due date. Scary.
For the next 10 years or so, there will be a constant tap on my income. I'll be paying out hundreds of dollars every month to make a dent in my student loan debt. Like many recent grads, I'm dealing with different lenders, servicers and guarantors, which makes the process even more stressful. There's multiple payments, varying due dates and endless letters and e-mails. Why can't it just be easy?
I've been searching for a service or app for the last few months to help me organize all my loans in one place and figure out a payment plan that would eliminate my student debt faster and with less money spent on interest. Sure, I could have done some of the math myself or designed an Excel file to help, but who has time for that?
When a friend posted this article on Facebook yesterday, it was as if my dreams had come true. This new web interface, designed by a graduate with over $100,000 in student loan debt, allows you to view both private and federal student loans in one place and create a strategy to pay down the outstanding balance. There are a few apps out there for organizing loans in one place, but none as quick, easy and fully-integrated as StudentLoanHero.com.
Do you have a plan to pay back your student loans?