Are you one of the millions of student loan borrowers struggling to keep up with your loan payments despite having personal finances and financial goals? If so, you’re not alone. With the average student loan debt hovering around $30,000 per borrower, it’s no wonder many people are turning to technology to help manage their lender accounts and credit cards.
Enter student loan apps – mobile applications explicitly designed to help borrowers manage their loans and stay on top of their payments. These apps offer a range of features, including payment reminders and budgeting tools, to assist in achieving financial goals such as savings. Additionally, some apps may provide options for loan consolidation and personalized repayment plans, making it easier for borrowers to keep track of their lenders and credit cards.
Popular student loan apps like College Raptor offer a website and app for users to compare college costs, financial aid offers, and ways to reduce their overall debt. If you want to manage your finances better, try Quicken, which helps you track your spending and savings. On average, these apps can help you save money and stay on top of your finances.
If you’re wondering what types of student loans are available or who can apply, we’ve got you covered. When applying for student loans, personal finances, savings, and cash are essential. You can also utilize budgeting apps to help manage your finances while in school.
So whether you’re a recent college graduate just starting your repayment journey or a seasoned borrower looking for new ways to manage your debt, read on for our comprehensive guide to student loan apps offering cash rewards, monitoring features, and the innovative Givling system.
Benefits of Using Student Loan Apps to Pay Off Loans Faster and More Efficiently
Automatic Payments Help Avoid Late Fees and Improve Credit Scores
One of the primary benefits of using student loan apps, such as College Raptor, for repayment, is the option to set up automatic payments through the system. This feature can be incredibly helpful in avoiding late fees, which can add up quickly and make it more challenging to pay off loans. By setting up automatic payments, borrowers can ensure they never miss a payment deadline and increase their chances of qualifying for forgiveness programs.
Using budgeting apps to make on-time payments for student loan repayment can significantly improve credit scores over time. Payment history is one of the most critical factors in determining credit scores, so consistently making on-time payments towards student debt will have a positive impact. Additionally, forgiveness programs may be available for those struggling with student loan repayment.
Personalized Repayment Plans Based on Financial Situation
Another significant advantage of using student loan apps is the ability to access personalized repayment plans based on a borrower’s financial situation, thanks to the advanced system. These plans consider factors such as income level, debt-to-income ratio, and other financial obligations, all processed by the app’s sophisticated design.
By providing a customized plan for repayment, these apps make it easier for borrowers with student debt to manage their finances and pay off their loans faster. They may offer biweekly or monthly payments and different payment amounts to fit within the borrower’s budget. The system is designed to help borrowers stay on track with their prices and avoid defaulting on their loans.
Easy Tracking of Progress Motivates Borrowers
Finally, student loan apps provide a reliable system for borrowers to track their progress easily. By seeing how much they have paid off over time through the system, borrowers may feel more motivated to continue making regular payments towards their loans.
Some loan management apps also offer a system with progress bars or graphs that show how much closer borrowers are getting towards paying off their loans entirely. This visual representation can be incredibly motivating and help borrowers focus on their goals.
Best Overall Student Loan App: Debt Payoff Planner
Personalized Debt Repayment Plan with Debt Payoff Planner
Student loans can be a significant financial burden for many individuals, and keeping track of multiple payments and due dates can be challenging. Fortunately, several student loan apps can help borrowers manage their debt and create personalized repayment plans.
Debt Payoff Planner is one of the best overall student loan apps available. This app helps users create a personalized repayment plan based on their income, expenses, and current debts. The app uses the debt snowball or avalanche method to pay off debts quickly and efficiently.
The debt snowball method can be an effective strategy for student loan repayment. It involves paying off the smallest debts first while making minimum payments on more significant obligations. This approach provides a sense of accomplishment as smaller debts are paid off quickly, which motivates borrowers to continue paying off their remaining balances.
On the other hand, the debt avalanche method involves prioritizing debts with higher interest rates first while making minimum payments on other balances. This approach saves money in interest charges over time but may take longer to see progress compared to the snowball method.
Forgiveness Options and Progress Tracking
In addition to offering repayment plans based on different methods, Debt Payoff Planner provides information about forgiveness options for federal student loans. Users can explore programs such as Public Service Loan Forgiveness (PSLF) or Income-Driven Repayment (IDR) plans that could lower their monthly payments or forgive some portion of their outstanding balance.
Moreover, Debt Payoff Planner allows users to track their progress towards becoming debt-free through an easy-to-use dashboard that shows how much they have paid off so far. Users can also set up reminders for upcoming due dates or changes in payment amounts.
Other Budgeting Apps vs Debt Payoff Planners
While several budgeting apps include features for managing student loans, Debt Payoff Planner stands out for its focus on debt repayment. Other budgeting apps may provide more comprehensive financial management tools, but they may need to be more effective in helping users pay off their debts.
For instance, Mint is a popular budgeting app that allows users to track their spending across different accounts and categories. However, it does not offer specific features for managing student loans or creating a debt repayment plan.
Another budgeting app, YNAB (You Need A Budget), helps users create a budget based on their income and expenses. While it does include features for tracking debts, it requires manual entry of payment amounts and due dates, which can be time-consuming.
Best for Extra Payments: Qoins
Make Additional Payments with Ease
If you want to pay off your student loans faster, Qoins is the perfect app. With this app, you can make additional payments towards your loans without hassle. Qoins allows you to put your spare change towards your loan payments, which can quickly add up over time. This feature makes it easy to increase the amount of money you put towards your loans without much effort.
Competitive Rates and Additional Features
Qoins also offers competitive loan payment rates to save money in the long run. The app has additional features,t such as earning points and cashback rewards. These features provide an added incentive to use the app and make extra loan payments.
How Qoins Works
When you sign up for Qoins, you link it to your bank account and choose which loans you want to pay off faster. The app then rounds up each transaction on that account to the nearest dollar and puts that spare change towards your selected loan payment. For example, if you spend $3.50 at a coffee shop, Qoins will round up that purchase to $4.00 and put $0.50 towards your loan payment.
You can also set specific goals for how much extra money you want to put towards your loans each month or year using the “Boost” feature on the app. This way, you have more control over how much extra money is put towards paying off your student loans.
Best for Set-It-and-Forget-It Payments: Chipper
Automatic Payments Made Easy
Managing student loans can be overwhelming and time-consuming, but with Chipper, it doesn’t have to be. This app allows you to set up automatic payments using your debit or credit card, making it easy to chip away at your loans over time without thinking about it.
Reminders and Tracking Progress
Chipper’s dashboard makes it easy to track your progress and set goals for paying off your loans. You’ll receive reminders of upcoming payments and always attend to all due dates. With the ability to see how far you’ve come in paying off your loans, you’ll feel motivated to keep going until they’re fully paid off.
Cost-Effective Solution
Unlike other services that charge transaction fees for everyday purchases, Chipper doesn’t charge fees, making it a cost-effective solution for managing student loans. Plus, with Chipper’s ability to help you pay more than just the minimum monthly payment, you’ll save money on interest in the long run.
If you’re looking for an easy way to manage student loan payments without thinking about them constantly, Chipper is the perfect solution. With its simple setup process and user-friendly dashboard, you can set it and forget it while still progressing towards paying off your loans.
Best for Balancing Debt Payoff & Investing: Fidelity Spire
Personalized Recommendations to Achieve Financial Goals
Fidelity Spire is an excellent app that helps users achieve their financial goals by providing personalized recommendations. The app uses a series of questions to identify the user’s financial objectives, such as saving for retirement or paying off student loans. Based on the user’s answers, Fidelity Spire recommends a customized plan to help them reach their goals.
For example, suppose a user wants to pay off their student loans and invest in the stock market simultaneously. In that case, Fidelity Spire might suggest contributing monthly money towards both goals. The app can recommend specific investment options based on the user’s risk tolerance and preferences.
Tracking Spending and Balances for Better Personal Finances
In addition to personalized recommendations, Fidelity Spire helps users track their spending and balances to stay on top of their finances. The app automatically categorizes transactions from linked accounts and provides users with detailed reports on where their money is going.
Users can view charts and graphs showing how much they spend in different categories like food, transportation, or entertainment. This feature makes it easy for users to identify areas where they might be overspending and adjust accordingly.
Furthermore, Fidelity Spire allows users to see all their account balances in one place. Users can link bank accounts, credit cards, investment accounts, and student loan accounts within the app. This feature gives users a comprehensive view of their net worth and makes informed decisions about allocating resources.
Balancing Debt Payoff and Investing for Financial Stability
One of the most significant advantages of using Fidelity Spire is its ability to help users balance debt payoff and investing effectively. For many struggling with student loan debt, it can be challenging to know how much money they should put towards repayment versus investing in the stock market.
Fidelity Spire takes the guesswork out of this process by providing users with a personalized plan that balances both priorities. Users can set specific goals for paying off their student loans while investing in stocks, bonds, or other assets to build long-term wealth.
Best for Maximizing Cash Flow: Digit
Monitor Your Income and Budgeting on a Single Dashboard
One of the biggest challenges is keeping track of your income and budget. That’s where Digit comes in. This app offers an easy-to-use dashboard that lets you monitor your income and expenses all in one place. You can see how much money you have coming in each month and how much you spend on rent, groceries, and entertainment.
With this information, you’ll be better equipped to make intelligent financial decisions. For example, if you notice you’re spending too much on dining out, you can adjust your budget accordingly. Or, if your income has increased over the past few months, you can start putting more money towards paying off your student loans.
Create a Successful Financial Strategy with Data-Driven Insights
One of the unique features of Digit is its use of data-driven insights to help users create successful financial strategies. The app analyzes your spending habits and uses this information to create a personalized snowball strategy for paying off your loans.
The snowball strategy involves paying off your smallest loan first while making minimum payments on all other loans. Once the smallest loan is paid off, you move on to the next smallest loan until all debts are paid in full. This approach helps reduce overall debt and provides a sense of accomplishment.
Digit also offers other helpful tools for maximizing cash flow, such as setting up automatic savings plans or investing small amounts into stocks or mutual funds.
Maximize Your Dollar with Digit
Suppose maximizing cash flow is a priority for you. With its user-friendly dashboard and data-driven insights, this app makes it easy to monitor income and expenses while creating an effective repayment strategy.
By using Digit, you can maximize your dollar and make the most out of your finances. Whether it’s paying off student loans or investing in your future, this app is an essential tool for any financially savvy individual.
Best for Accountholders: Upromise
Link Multiple Bank Accounts and Earn Cashback on Purchases
Upromise is the perfect app for those who want to earn cash back on purchases made with multiple bank accounts. The app allows users to link their bank accounts and track their cashback earnings in one place. This feature makes it easy for users to see how much they have earned from each account and make adjustments accordingly.
When you link your bank accounts to Upromise, you can start earning cashback on eligible purchases made with those accounts. For example, if you link your debit card to Upromise and use it to purchase groceries at a participating store, you will earn cashback on that transaction. You can make a premium cashback rate by changing your account to a Upromise-affiliated bank.
Special Deals and Discounts on Eligible Purchases
In addition to earning cashback on purchases, Upromise offers special deals and discounts on eligible purchases. These deals are available through the app’s “Offers” section, allowing users to save money while shopping at their favourite retailers.
The Offers section of the app features deals from various retailers, including Macy’s, Target, Walmart, and more. Users can browse the available offers and select the ones they want to take advantage of. Once a bid is determined, users must make an eligible purchase using their linked bank account or credit card to receive the discount.
Premium Cashback Rate by Changing Your Account
One unique feature of Upromise is that it offers a premium cashback rate for users who change their account to a Upromise-affiliated bank. If you switch your checking or savings report to one of these banks, you will earn a higher cashback rate on eligible purchases made with that account.
The premium rate varies depending on your chosen bank but can be as high as 5% cashback. This is a significant increase compared to the standard cashback rate of 1-2% offered by most other cashback apps.
Easy-to-Use Interface and Account Tracking
Upromise’s interface is easy to use and makes tracking cashback earnings across multiple bank accounts simple. The app features a dashboard that displays your account balances, recent transactions, and cashback earnings in one place.
Users can also view their transaction history for each linked account, making it easy to see which purchases earned them cashback. The app sends notifications when new offers become available, or you have earned cashback on an eligible purchase.
Best for Online Shopping Rewards: Honeyfi
Cashback on Purchases Made Through the Platform
Honeyfi is an excellent app for anyone looking to earn rewards while shopping online. The app offers cashback on purchases made through its platform. This means that when you shop at popular retailers like Amazon, Walmart, and Target, you can earn a percentage of your purchase back in cash. Using Honeyfi is easy- download the app, browse available deals and discounts, and start shopping! Once you purchase the app, your cashback will be credited to your account.
Earn Points by Completing Surveys and Referring Friends
In addition to earning cashback on purchases made through its platform, Honeyfi also allows users to earn points by completing surveys and referring friends. These points can be redeemed for gift cards from popular retailers like Amazon, Target, and Starbucks. To earn points by completing surveys or referring friends, navigate to the “Earn” section of the app and follow the prompts.
Partnered with Popular Retailers
One of the best things about using Honeyfi is that it partners with popular retailers across various categories. Whether you’re shopping for clothing, electronics, home goods or groceries, a deal or discount will likely be available through Honeyfi. Some of our favourite retailers partnered with Honeyfi include:
- Amazon
- Walmart
- Target
- Macy’s
- Sephora
- Nike
Using Honeyfi is an easy way to save money while shopping at some of your favourite stores.
Do Student Loan Apps Cost Money? Can a Student Loan App Save Me Money?
Free vs Paid Student Loan Apps
Student loan apps can be free or expensive, depending on their features and services. Some student loan apps provide essential services for free, while others may require payment for more advanced features.
Free student loan apps typically offer basic features such as loan balance tracking, payment due date reminders, and access to resources such as repayment calculators and information on loan forgiveness programs. These apps can help keep track of your loans and ensure you don’t miss any payments.
Paid student loan apps often offer more advanced features, such as personalized repayment plans, budgeting tools, and financial advice from experts. While these apps may come with a price tag, they could save you money in the long run by helping you manage your loans more effectively.
When deciding whether to use a free or paid student loan app, consider your specific needs and goals for managing your loans. A free app may suffice if you need help staying organized and on top of payments. However, a paid app may be worth the investment if you want more personalized guidance and support in managing your loans.
Saving Money with Student Loan Apps
While some student loan apps come with a cost, using an app to manage your loans could save you money in the long run. Here’s how:
- Avoid missed payments: One of the most significant ways a student loan app can save money is by preventing cut costs and late fees. Many student loan servicers charge late fees if payments are not made on time – these fees can add up quickly over time.
Using an app that sends payment reminders and alerts when due dates are approaching will make you less likely to miss a payment deadline – saving you from costly late fees.
- Lower interest rates: Some student loan apps offer personalized repayment plans based on your financial situation, which could help you save on interest over time. You could pay less overall by structuring your payments to minimize interest charges.
- Access to resources: Many student loan apps provide access to resources such as repayment calculators and information on loan forgiveness programs. By taking advantage of these resources, you can make more informed decisions about managing your loans – potentially saving yourself money.
Simplifying Loan Repayment with Student Loan Apps
Managing student loans can be overwhelming and confusing – especially if you have multiple loans with different servicers and payment due dates. Using a student loan app can simplify the repayment process by providing a centralized platform for managing all your loans in one place.
Many student loan apps allow you to link your loans from different services so that you can view your balances, due dates, and payment history in one location. This makes it easier to track where you stand with each loan and ensure no payments are missed.
Some student loan apps offer budgeting tools to help you plan your monthly expenses and ensure you can make all your required payments on time.
How to Choose the Right Student Loan App for You
Understand the Difference Between Private and Federal Student Loans Before Choosing an App.
Before you start choosing a student loan app, you must understand that there are two types of student loans: private and federal. The government issues federal student loans, while banks, credit unions, and other financial institutions provide personal student loans.
Federal student loans offer benefits such as fixed interest rates, income-driven repayment plans, and loan forgiveness programs. On the other hand, private student loans may have variable interest rates and fewer repayment options. It is crucial to consider these differences before choosing an app that suits your needs.
When selecting a student loan app, ensure that it can handle both types of loans if you have federal and private loans. The app should also provide features like tracking your payments across different lenders.
Look for Apps That Offer Features Like Loan Calculators, Repayment Options, and Interest Rate Comparisons.
Student loan apps should offer features like loan calculators to help you estimate how much you will need to pay back each month based on different payment plans. These calculators should consider any accrued interest over time so that you can see how much your total cost will be at the end of your repayment period.
Repayment options are also critical when choosing a student loan app. The app should provide information about various payment plans available for federal or private loans so that you can choose one that fits your budget.
Interest rate comparisons are another crucial feature of a good student loan app. With this feature, you can compare interest rates from different lenders side-by-side to choose the best option for yourself based on what works best with your financial situation.
Consider the App’s User Interface and Customer Support When Making Your Decision.
A student loan app’s user interface (UI) ensures users get maximum value from the app. The UI should be easy to navigate, and all features should be accessible without confusion.
Good customer support is also essential when choosing a student loan app. You should be able to contact the app’s support team quickly if you have any issues or questions about using the app.
When selecting a student loan app, ensure it has a robust help centre with detailed FAQs and other resources to answer your questions. It would help if you also looked for an app that offers customer support through multiple channels like email, phone, and chat.
Conclusion of Student Loans Apps
In conclusion, student loan apps can be a game-changer for anyone looking to pay off their loans faster and more efficiently. With various available options, choosing the right app that suits your needs is essential.
Debt Payoff Planner is the best overall student loan app, while Qoins is ideal for extra payments. Chipper is perfect for set-it-and-forget-it costs, and Fidelity Spire helps balance debt payoff and investing. Digit maximizes cash flow, Upromise rewards accountholders, and Honeyfi offers online shopping rewards.
Most student loan apps are free to download but may charge fees for premium features. However, a student loan app can save money by helping you stay organized and on track with your payments.
Consider your payment goals, budget, and preferred features. Take advantage of free trials or demos before committing to a paid subscription.
Using a student loan app can make managing your loans less stressful and more manageable. Start exploring different options today to find the one that works best for you.
FAQs
Are all student loan apps free?
Some student loan apps may charge fees for premium features or subscriptions. However, many essential features, such as payment reminders or tracking, are typically available for free.
Can I use multiple student loan apps at once?
Yes, you can use multiple student loan apps simultaneously if they offer different features that complement each other.
Will using a student loan app affect my credit score?
Using a student loan app will not directly impact your credit score. However, making timely payments through the app can positively impact your credit score.
Do I need good credit to use a student loan app?
No, most student loan apps do not require a minimum credit score. However, some premium features may only be available to users with higher credit scores.
Can I trust student loan apps with my personal information?
Yes, reputable student loan apps prioritize user privacy and security. Research the app’s privacy policies and read reviews before downloading.
