The Best Apps To Pay Off Student Loans

Americans are finding it difficult to keep making timely payments on their student loan accounts. This has led to borrowers collectively owing more than $1.6 trillion in educational debts. On average, a student needs at least 20 years to repay their lending products fully. This is a long duration, and there can be instances where you forget to make a payment or track what’s due and how much you’ve paid.

Fortunately, you can find many apps to help pay off student loans in a much easier and quicker way. Usually, people take out a lending product to complete higher education. These apps help them manage repayments, consolidate debts, and keep track of how much interest needs to be paid over the financing term. 

In this blog, we have reviewed some of the best debt payoff apps and student loan trackers to help you efficiently manage your arrear accounts.

The 7 Best Student Loan Payoff Tracker Apps

Here are our picks for the best student loan payoff tracker apps that can help you set-up automatic payments, add more repayment methods, calculate the payoff amount, and more.

Sallie Mae App

The Sallie Mae app is a product of the private student loan provider Sallie Mae. It helps you keep track of your private student loans and set automatic payments. This software won the Gold Award for excellence in digital communications in 2017.

Features:

• With the help of quick payment, you can quickly pay multiple loans from a single interface
• This app has a top feature known as the college cost estimator. It predicts the overall price of attending university based on degree, location of the school, and educational expenses such as transportation or books 
• Has a FAFSA roadmap that simplifies the process of applying for financial aid
• You get notifications reminding you of your loan due date or if you missed a payment 
• Allows you to view your FICO score easily

Price: FREE

FedLoans App

Fedloan is a service provider approved to handle federal student loans by the Department of Education. The Fedloan application helps to manage student arrear accounts very conveniently. It’s free software operated by the Pennsylvania Higher Education Assistance Agency.

Features:

• Easily view the outstanding balance and repayment details
• Payments can be scheduled with your saved accounts
• Set target payments for multiple lending products
• Get estimates for your repayment plans
• Allows you to change due dates

Price: FREE

Fidelity Spire With Student Debt Tool

Fidelity Spire helps students focus on their short and long-term money goals. After linking to their bank account, the user can easily trace the progress of their financial timeline. 

Features:

• Gives access to Fidelity’s student debt tool, which provides tips on how to pay off outstanding balances
• It’s easy to add or delete a goal as your situation changes
• The account can be opened directly from the app
• There are various investing options
• Availability of the Fidelity Cash Management account helps you save, manage or spend money without a bank
• It contains Fidelity Go, an account problem solver. This robo-advisor recommends a personalized investment strategy 
• With the help of the decision tool, you can decide and see the impact of investing money into one goal vs. another

Price: FREE

ChangED

ChangED’s sole reason for creating an app is to make the student debt repayment process easy. This application works seamlessly when you link your debit or credit card. 

Features:

• The software easily syncs with the bank account and analyzes your financial habits
• Every purchase that’s made using the application is rounded off towards the next dollar, and the money automatically goes towards arrears
• The minimum withdrawal amount is $5
• Has a dashboard that shows details on your loan’s progress and how much money is present in the ChangED account

Price: $1/month, debited directly from the balance of the ChangeED account

Debt Payoff Planner & Tracker

As the name suggests, this is a debt payoff planner and debt tracker app. Using it, you can easily create a plan to pay off your educational arrears. 

Features:

• Allows setting a schedule with the exact amount that you need to pay every month for each balance that you owe
• You can view the complete summary of the arrear, including the overall amount, the interest, the number of monthly payments left, the date when your tenure will be over, and the total amount that you’ll pay over the life of the financing term
• There are three payoff strategies: the debt snowball, debt avalanche, and the custom plan that you can create depending on your personal needs
• View a graphic feature for the plan you choose for your arrear payoff

Price: FREE

WellsFargo Student Loan Tracker

It’s easy to manage your private student loan application from Wells Fargo using this simple app.

Features:

• With the Wells Fargo student loan tracker app, you can track the progress of your educational debt. Every milestone that’s expanded in the progress bar shows a summary of the steps remaining to complete your goal
• Get alerts informing you of outstanding balances and when a monthly payment is due
• You can access the status of various documents and view their complete details
• You can review your credit application directly from the app, including the lending product type, interest, loan amount, and the tenure details

Price: FREE

Givling

Givling is a service app for student debt under the category of unusual avenues. It helps pay off student arrears faster by organizing in-app games and sharing cash prizes. The application itself adds users to a three-person team to play a true or false question game. It then offers the winning team cash prizes to help pay off debts quickly.

Features:

• It deals with student debt in a much faster way
• The winners earn a cash prize
• Even if one doesn’t win, they contribute to paying off the arrears of other users

Price: $1.99/monthly

The 4 Top Debt Payoff Apps To Help You Plan Your Budget

Here are some other amazing apps that aren’t specifically aimed at managing your student debt but can help you manage repayments and your overall budget more efficiently.

Qoins

Similar to ChangED, Qoins also rounds up purchases. It’s a robust student loan debt tracker that also doubles up as an app to pay off student loans by offering rewards.

Features:

• You can connect your bank account and loan account with the Qoins application to easily manage your arrears
• It helps you finance extra monthly payments towards the educational debt
• Uses the same industry-leading encryption that’s used in banks and online transactions
• Once the purchases reach $5, the amount will be sent to your account with an outstanding balance 
• You can even cancel the Quoin withdrawal within the same day of initiating payment

Price: $1.99/monthly

Quicken

The budgeting software, Quicken, helps you plan and keep track of your spending.

Features:

• Easily connect your account with Quicken and track/categorize your spending habits
• A personalized budget can be created, which helps you manage your accounts
• By identifying your monthly budget, you can cut some of your spendings and pay off your student debt faster
• Track your investments

Price: $51.99/yearly

PocketSmith

It’s very important to stay on top of your monthly finances so that you’re able to reduce your educational arrears faster. With PocketSmith, you get complete details of your spending and what actions can be taken to help you improve your financial situation. 

Features:

• A single dashboard is available to view all your balances and transactions from multiple accounts
• Get live feeds from your bank
• Manage your income and expenses
• Get forecasts of your finances
• You can easily categorize and also edit your transactions

Price: Basic plan is free. Premium is $9.95/month, and super is $19.95/month

EveryDollar

EveryDollar is designed by financial expert Dave Ramsey. If you struggle with budgeting your finances, this is the best app for you.

Features:

• Creates a monthly budget for you and makes sure that you save the money that’s needed to pay off your student debt
• You can record and track your expenses 
• Sets a realistic spending plan

Price: Basic plan is free

Undebt.it

Undebt.it works with the snowball method. It’s a great application to help you keep tabs on your student arrears.

Features:

• Supplies calculators so you can keep track of your payments, balance, and the due date
• You can add and manage multiple debt accounts
• Payment history can be easily exported
• Allows you to check your payoff date and the overall interest

Price: FREE

Bottom Line

There are a lot of debt management apps for Android and iOS devices. Each app has different features, pros and cons, and pricing structures. Before you choose an app, make sure to verify if it’s authentic and if it supports automated services for efficiently managing your loans. 

You can take advantage of the free trials and choose the apps that best fit your goals. Automation is essential, especially when your repayment spans across decades. The applications listed in this blog can help you keep a better track of your overall debt and ensure that you pay off your dues on or before time.