An App That Helps Figure Out How To Pay Off Student Loans? Yes, Please
According to recent reports, student loan debt clocks in at a massive $1.2 Trillion. The majority of students in America have taken out loans in order to get through college. After for years, once they take the cap and gown off, they are saddled with a huge amount of debt, and many have no idea how to tackle it.
When you log in, snapshots of your monthly payments house information like how to contact each lender, how much interest you'll pay over time, and charts and graphs that show your repayment history and projections. An interactive tailored advice engine even recommends actions you should take regarding each of your loans ("How much money can you afford to spend each month?").
Think of this as another hammer in your credit union's toolbox designed to help your members smash their way to better financial health and literacy.
Financial literacy is very much something you credit union should be offering your members, especially younger ones who have student loan debt and very little agency to do something about it. Does your credit union utilize (or have its own?) apps that it recommends to members? Let us know below!
DeAndre Upshaw is a former Young & Free Texas Spokester. He's a marketing professional living in Dallas and a Beyonce enthusiast. DeAndre is the host and executive producer of The State of Awesome. Follow him on Twitter and check out his personal website.