Are you one of the 43 million Americans paying off student loan debt? If so, I have a tool that can help you organize your loan payments and figure out ways to get those loans paid off faster. How great is that?
Student Loan Hero is a free, online resource to manage your student loans and keep track of all your loans on one convenient dashboard. The website also includes information about refinancing your loans, a selection of student loan calculators, a glossary to explain those confusing terms, and a blog with student loan and general personal finance information. You can link your accounts electronically, or you can enter your loan details manually if you are not comfortable with linking your accounts.
The Student Loan Hero calculators will help you keep track of your payments, and play with different scenarios to see how different repayment scenarios can impact your overall repayment length and the amount of interest that you'll pay.
Americans report that student loan debt significantly impacts the major events in their life, with one in seven stating that debt caused them to delay marriage and and nearly half reporting that they postponed major purchases such as real estate and vehicles. While I can not find statistics about military families and student loan debt, there were references to student loan debt as a cause of financial instability in the comments section of the Blue Star Families 2014 Military Family Lifestyle Survey.
If you have student loans, giver Student Loan Hero a try. Unless you're already super-organized and a bit of a numbers geek, it will simplify your repayment and give you a lot more information about your loans, meaning that you can get them paid off faster and at a lower overall cost.