Here’s a word not normally associated with student debt: simple.
But Tuition.io, a student loan debt tool, aims to offer that. The free service allows borrowers to review their loans in an easy-to-use platform that visualizes payment planning and progress.
The most notable feature: the display showing how much a borrower can save by increasing monthly payments. The tool breaks down the impact of paying loans faster, providing motivation to conquer education debt.
Tuition.io started out in 2011 as a private beta service called Binksty. Founders Brendon McQueen and Steve Pomerantz have continually refined the site since then, including the name change in 2012, but the focus has remained the same: Help people manage their student debt.
The public beta of Tuition.io went live in January, and the site has registered more than $700 million in outstanding education debt, according to a recent article in Mashable.
Making a Game Plan to Pay It Off
Not only does the platform make one’s student loan portfolio easy to digest, it serves as a personal cheerleader during the journey to pay down debt.
“What people tend to do is ignore the problem,” McQueen told Mashable. “So we have engagement emails that keep people up to date, and we’ll say, like, ‘Hey! Congratulations, you just paid on your loan and you’re making progress,’ or ‘Hey, you haven’t been paying. Here are a couple options to help you improve your situation.’ ”
Staying updated on student debt is crucial to maintaining healthy credit, and borrowers should pay extra attention as the Department of Education makes changes to its federal loan servicers in the coming weeks.
Getting started with Tuition.io requires plugging in financial aid information, like one’s federal aid PIN, but once everything is entered, it provides a clear picture: what you owe, how much of it is interest and how to save money.
The site doesn’t process loan payments, but its organization capability makes it a tool worth exploring.
Top image: Huntstock; Bottom image: Tuition.io