Over the past 8 months we’ve been hard at work building new tools that can help in the battle against your student loan debt. Today, we’re excited to unveil the new and improved Student Loan Hero!
In addition to a whole new look and feel, we’ve added some features we think you’re going to love! Here’s what’s new:
1. Consolidation Tool
Applying for a federal Direct Loan Consolidation and enrolling in income-driven repayment plans can be a pain. To make it easier, we created the Consolidation Tool.
This tool makes it easy to consolidate your federal student loans and enroll in an income-driven repayment plan.
First, simply sync all your federal student loan data with your Student Loan Hero account through the NSLDS.
Second, we provide simple instructions within the tool to help you complete your application.
Lastly, we submit your form electronically to your loan servicer directly from Student Loan Hero — no printing or mailing needed!
Best of all, the Consolidation Tool is free to use! Unlike other companies who charge $700 or more for this service, we believe no one should have to pay to consolidate their federal loans or enroll in an income-driven repayment plan.
You check out the Consolidation Tool here.
2. Repayment Plan
Figuring out which plans and options you are eligible for is confusing. There’s SO MUCH information out there, but how do you know which plan is best for you?
With this in mind, we added the Repayment Plan.
The Repayment Plan helps you decide which options work based based on your student loans, goals, and financial situation.
The Repayment Plan can help answer questions like these:
- Should you enroll in Pay As Your Earn or stay on the 10-year standard repayment plan?
- Is refinancing student loans a good idea?
- Or are you eligible for student loan forgiveness?
Once your custom repayment plan has been created, you’ll get a step-by-step list to put your plan into action.
3. Student Loan Calculators
You’ve probably heard advice like “Use Income-Based Repayment” or “You can get forgiveness after 20 years of paying your student loans.” While this advice may be true for some borrowers, advice like this can be horribly wrong for others.
The best way to find out? Run some numbers based on your situation.
We know you might be thinking “UGHH! Math!!! WHYYY???”
To make it easy, we’ve created several student loan calculators to answer many questions and scenarios.
Our new Income-Based Repayment Calculator (in-app integration coming soon) will determine what your monthly payments on IBR as well as if you’ll be eligible for student loan forgiveness.
Our Student Loan Prepayment Calculator allows you to test the impact of adding extra payments to your student loans. See how much money you can save on interest by paying off your student loans early. Or find out how much you need to increase your payments to pay off your student loans by a certain date.
You can find the student loan calculators here.
4. My Loans
Tracking your student loans can be a pain, especially if you’re dealing with multiple student loan servicers. With My Loans, you can sync and track all your loans on one dashboard.
While we’ve given users the ability to sync loans for some time now, the new My Loans adds the ability to sync loans with even more servicers.
You can now sync student loan data from the following servicers:
- FedLoan Servicing
For servicers not listed above, you can manually add and update your loans from the dashboard. We’re continuing to add more servicers for automatic syncing too.
Once you add your student loans, you’ll be able to track your progress, see your payoff date, and test how adding extra payments can save money and pay off your loans faster.
We hope you love the new Student Loan Hero, and we look forward to helping you pay off your student loan debt!
Didn’t sign up for a free Student Loan Hero account yet? Click here to get started.
Or click here to sign in if you already have an account.