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Track your progress to paying off all of your student loans
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Review analysis of loan payments over and compare monthly payments
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View curated advice to improve student loans
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Access personal information to track student loan payments
The amount of student loan debt reached an all time high in 2019 of $1.41 Trillion with the average student graduating with the average student graduating with around $30,000 of debt. The recent graduates that struggle the most with debt are women and minorities due to the pay-gaps that result once these individuals enter the workforce. To combat this issue of inequality, we have designed a tool to help graduates organize and pay off their debt. The tool allows for the user to input all of the debt that they have accumulated in university including Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and Private loans. Then based on when those loans were distributed, interest applied to the loan, and dollar amount of the loan, the total amount the user needs to pay over the 10 year loan payment period is calculated. The user can then indicate their personal goal of how much they would like to pay per month. The tools will track whether these monthly goals are met and then update the user if they do not make the goals or if they contribute more per month than they had initially planned. With each month, the total amount the user still owes will shift to reflect how much they have already contributed to paying off their loans. The format of the tool is a website and the software and languages used to build the prototype are Figma, React, Node, Javascript, Html, Illustrator, and CSS. Our scope was quite large for 36hr work period and included research, design, frontend, and some backend. We had to do a lot of research on loans and calculations to determine how to combine and pay-off different government funded loans. The time it took to complete the project limited the team to completing most of the frontend and some backend. Despite the time restraints and the fact that the prototype created is not working product, we did learn that a lot can be accomplished in weekend and with a little more time we would be able to create a comprehensive and successful first iteration of our website. Next, we would hope to finalize the website, have more time to do research on our customer base, and then create a beta version of our tool to be used by recent graduates that could benefit from our service.
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