With New Loan Repayment App SLOAN, Students can Finally "Live the Life They Studied For" - Available for iOS
March 09, 2021 (PRLEAP.COM) Technology NewsStudent loan debt can be crippling stress for families and college students trying to figure out how to pay down massive college loans - especially at a time when unemployment is rising.
According to Forbes, student loan debt in the U.S. reached $1.6 trillion in the first quarter of 2020, an increase of over 116% during the past 10 years. An estimated 45 million Americans currently hold student loan debt, with the average borrower carrying $30,100 across four different accounts with varying interest rates and lenders. As one of the country's most significant and widespread financial burdens in history, student loan repayments have become a way of life with debts stretching across decades. But now there's an app that smartly integrates into every financial aspect of life to keep a steady repayment plan in action without being invasive. SLOAN App is available for iOS on the App Store and coming soon to Google Play.
SLOAN is the first app ever that blends payment solutions and charitable giving to efficiently manage student loans and create a personalized repayment system. It's also the first to offer some novel and patent-pending repayment methods including the transfer of money between bank accounts, crypto, and digital wallets from inside the application. Borrowers can use the app to combine their loans from multiple lenders into one easy-to-understand platform. They can use tools to visualize loan balances decreasing as well as view loan fulfillment timelines and the costs associated with prolonged payment methods and interest for a comprehensive snapshot.
Using SLOAN, borrowers have a broad range of options such as paying weekly or monthly; they can pay extra to highest interest loans first or pay off smaller loans faster to get rid of "that one loan"; they can set up automatic deductions from their bank account or automatically apply purchase round-ups via debit card.
Where SLOAN truly proves its potential is by tapping into new financial streams. Borrowers can receive peer to peer contributions from friends and family; they can establish an employer benefit contribution plan; they can use SLOAN transfers as payment for tips or side hustles rather than receiving cash; they can integrate SLOAN with wedding and gift registries to relentlessly free themselves from student loan debt. And parents love this: anyone providing funds to the borrower can do so with the confidence that any money given can only go directly to a student loan and cannot be withdrawn for the borrower's own spending.
SLOAN's founder Bryan Harris drafted the idea for SLOAN from his own personal experience of repaying his student loans. With over six figures of debt weighing him down, he fought to keep track of the various loans and found it even trickier to get ahead of them. Even more frustrating was the reality that consolidating these loans did not provide relief as the consolidated monthly minimum was higher than the sum of five separate loans.
"Student loan debt is the plague of our generation," says SLOAN founder Bryan Harris. "The size and complexities of several repayment schedules can be overwhelming. SLOAN simplifies this process and it allows family, friends, your employer and even those you haven't met to help contribute on your behalf. We want SLOAN to be a solution for people that don't feel they have a way out. SLOAN makes this possible in a unique and systematic way so you can Live the Life You Studied For."
For more information on SLOAN and how it can efficiently help to reduce student loan debt, visit the App Store or www.sloanapp.com, and coming soon to Google Play!