When you’re drowning in student loan debt, it’s easy to feel completely alone. But thanks to social media, you can connect with other people who are going through the same struggles — and even get advice from the lucky ones who have managed to pay off their debt.
We’ve rounded up 7 financial Instagram accounts to get tips and tools to better manage your money and keep you inspired as you repay your debt.
There are many excellent finance and student loan-related accounts on Instagram. While it would be impossible to list all of the great accounts that exist, these are some of our favorites that provide unique tips, insight and advice.
The woman behind Bae on a Budget is a law school graduate who paid off over $70,000 in just eight months. On her Instagram account, she posts side hustle ideas to help you boost your income so you can afford to make extra loan payments.
She also shares updates on her progress on paying down the rest of her debt, as well as her financial goals for the year. Plus, she includes tips on saving money and reducing interest charges so you can better manage your own debt.
Kimberly Hamilton is no stranger to student loans. Thanks to some drastic lifestyle changes and various side hustles, she was able to pay off $40,000 in student loan debt in just three years.
On her Instagram account Beworth Finance, Hamilton shares tips on how to manage your money and accelerate your debt repayment, as well as her favorite tools for handling your money and investments.
Jen Smith and her husband had a whopping $78,000 in debt, including student loans. After sticking to frugal habits and working multiple side hustles, they were able to pay off their debt in just under two years.
On her Instagram account Modern Frugality, Smith creates content about cutting your expenses, maintaining your focus on debt repayment and negotiating your bills so you can free up money to make extra payments on your student loans.
Evan Finton graduated from Kansas State University with $30,000 in student loan debt. Determined to pay off his debt as quickly as possible, he made a drastic lifestyle change: He bought a tiny home.
Now he’s cut his living expenses even further by converting a van into a full-time home. With his student loans paid off, he and his girlfriend and their two dogs travel the country. On his Instagram account, he shares details about tiny living.
If you need a dose of inspiration to manage your own debt, following Finton’s adventures now that’s he’s debt-free could be just what you need.
Tyler McBroom is one of many financial advisors on Instagram. A certified public accountant, McBroom posts advice on financial management and tax preparation.
His Instagram account is great to follow if you’re looking for tips on managing your side hustle income, claiming the student loan interest tax deduction and maximizing your tax deductions to lower your tax bill.
Jim Dahle, a board-certified emergency physician, created The White Coat Investor to share personal finance information with other healthcare providers. For many doctors, dentists, nurses and other healthcare professionals, student loan debt can be staggering.
On The White Coat Investor Instagram account, Dahle shares budgeting tips, student loan payoff success stories and information on federal income-driven repayment plans and repayment assistance programs.
The woman behind Wise Woman Wallet had over $53,000 in student loan debt after completing her undergraduate and graduate degrees. She decided to move to China to teach English, and she chronicles her debt repayment journey on her blog and Instagram account.
She shares monthly financial goals, tips on ways to boost your income and inspirational quotes on her Instagram account to help you stay focused on debt repayment and achieving financial security.
While Instagram can be a great resource to find like-minded people going through the same student loan repayment journey as you, it’s not the only place where you can find useful information and advice. Here are some other tools you can use to help you manage your debt:
- National Student Loan Data System (NSLDS): If you don’t know what federal loans you have, use your Federal Student Aid ID to log into the NSDLS. The system will tell you what loans you have and who your loan servicers are.
- Office of Federal Student Aid: Whether you need information on deferring or reducing your payments through an income-driven repayment plan, the Office of Federal Student Aid can help.
- Student loan payoff success stories: Need a dose of inspiration? Check out these student loan repayment success stories for ideas and tips for managing your debt.
- Student loan repayment assistance programs: There are over 120 student loan repayment assistance and loan forgiveness programs available. Use our searchable database to find programs that can help you with your debt.
- Best student loan refinancing lenders: If you decide that student loan refinancing is right for you, compare several different refinancing lenders to find your best offer.
Kat Tretina contributed to this report.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.89% – 6.66%1||Undergrad & Graduate|
|1.89% – 5.90%2||Undergrad & Graduate|
|2.25% – 6.09%3||Undergrad & Graduate|
|1.99% – 5.34%4||Undergrad & Graduate|
|1.97% – 8.54%5||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|Check out the testimonials and our in-depth reviews! |
1 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of October 1, 2020.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of December 1, 2020. Information and rates are subject to change without notice.
3 Important Disclosures for SoFi.
4 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 26, 2020, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 10/26/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
5 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 11/13/2020 student loan refinancing rates range from 1.97% to 8.54% Variable APR with AutoPay and 2.95% to 8.77% Fixed APR with AutoPay.