Fresh Outta Debt

"Fresh Outta Debt" is a financial management application that has an autopay feature to help students pay their debt and manage their loans taken out for college.

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Inspiration

Student Debt is a large crisis today. 70% of American students graduate college with student loan debt. Over 44 million Americans hold $1.5 TRILLION in student debt. (Source: CNBC)

What it does

The application has an autopay feature to help students automatically pay their debt and manage their loans taken out for college.

How we built it

We used a prototype website called Proto.io to create a simple and easy user interface for the best user-experience. We also coded some of the calculations separately in python for calculating interests, payments, etc.

Challenges we ran into

  • Coming up with a narrow idea because the crisis is so broad
  • Calculating monthly payments and student loan term
  • Figuring out a strategy to get people using it

Accomplishments that I'm proud of

  • Our design is neat and put together
  • We collaborated well and listened to each others' ideas
  • We gave our pitch to multiple volunteers to receive feedback to improve

What we learned

We learned more about student debt in general as far as how it is in numbers. We did not realize the numbers were so increasingly high and we wanted to find a way to help students who have no idea how to manage their loans because these type of things are not taught in school. Overall there are a lot of things that go into student loans it would be book if I typed it all here!

What's next for Fresh Outta Debt

  • Add more features suggesting what loans should be paid first
  • Handling and comparing the importance of loans
  • Comparing savings if you paid your loans in different terms
  • Resource section to educate students about their loans and how to go about paying for them

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