Student loan debt in the US has more than doubled in the last decade, reaching an eye-popping $1.6 trillion in the first quarter of 2020.
If you’re one of the 45 million American currently repaying their student loans, you know exactly what the student debt crisis feels like: a bewildering administrative and financial ordeal with no apparent end.
Sloan is a product of that experience, and your route out of it.
Creator Bryan Harris came up with the idea while trying to juggle his own fix-figure student debt across multiple loans. It was impossible to keep track of what he owed to whom, let alone stay on top of his repayments. So he created a better way.
The app is basically a comprehensive dashboard that allows you to see all of your debt in one place.
It lets you set up automatic payments at various different intervals, pay manually for maximum flexibility, choose whether to clear one loan at a time or all of them at once in smaller increments, and so on.
Whether you prefer to target high interest loans or clear the deck of smaller loans first, Sloan lets you see exactly what the implications are and pursue your chosen course of action with consummate ease.
Sloan even calculates interest for you, and uses clever visualization tools to tell you at a glance which course of action is the most cost-effective.
And it lets you transfer money between bank accounts, apply credit card purchase round-ups, and even manage your digital wallets for cryptocurrency transactions.
But Sloan isn’t just a management tool. It’s also a fundraising platform, allowing you to receive peer to peer contributions from friends and family, establish an employer benefit contribution plan, and channel payments for freelance work straight into your loan accounts.
You can download Sloan for free right now on the App Store. The Android version is coming soon.