Fifth Third Bank –a group of banks with branches located in the eastern half of the United States– created a mobile app designed to help its customers pay off their student loans. So far, the app has helped customers dispose of $1 million dollars’ worth of student debt. The app works by rounding customer debit purchases up to the nearest dollar, then applies that extra money to the customer’s education loans. The bad news, of course, is it’s only for Fifth Third customers. If you’re not one of the fortunate, here are five similar apps designed to help conquer your student debt. 1. ChangeED Much like the Fifth Third Bank app, ChangED helps borrowers pay off debt by rounding purchases up to the nearest dollar. “Round-up” apps help borrowers utilize “spare change” to save money–or lower debts. ChangeED works specifically to help speed student loan payoffs. If you choose this…
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Navient is one of the largest servicers of federal student loans in the country. An offshoot of Sallie Mae, it is estimated that Navient services $300 billion of government and private student loans. So, it’s a big deal for borrowers all over the country if something happens to the company. That’s why a new lawsuit from California is making big waves, but will that lawsuit affect your student loan? How a Lawsuit Against Navient Could Affect How Your Student Loans Work Xavier Becerra, the Attorney General of California, has announced a lawsuit against Navient for unlawful business practices. These practices are being blamed for over payments and several permanent disability discharges that were not completed. For now, the state’s accusations are focused solely on federal student loans backed by the federal government, but it’s not alone. Illinois, Pennsylvania and Washington have also sued Navient for the same reasons. Plus, the…
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Americans owe more than $1.4 trillion in student loans. Federal loans account for a majority of the student loan debt in the US. However, there are multiple types of federal student loans that are or were available to borrowers. Many people who borrowed after July 2010 have federal student loans that originated from the Department of Education’s Direct Loan Program. Borrowers with Direct Loans may be able to access most of the helpful income-driven repayment programs offered by the Department of Education. Borrowers may also have Federal Family Education Loans (FFEL Loans), Parent PLUS Loans and Perkins Loans. The options for income-driven repayment programs are different for these borrowers. Income-Driven Options for Borrowers with FFEL Loans If you have FFEL loans, then your only income-driven repayment plan option is the Income-Based Repayment Program (also called IBR). With this program, your monthly payments are capped to 15 percent of your discretionary…
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