Maybe we’re dense, or maybe we’re overly fixated on the student debt crisis currently strangling young people’s economic prospects on a scale never seen before, but we didn’t get the pun in Tuition.io’s name (say it aloud) until it was pointed out to us by their presenter, Brendan McQueen, here at Finovate Fall 2012. We do owe a lot of tuition, he pointed out: some $1 trillion spead among 37 million borrowers. How we’re going to pay off that debt is anyone’s question.
Tuition.io doesn’t have the answers to the policy questions at the heart of the student debt crisis, but it certainly seems like a step in the right direction for helping young borrowers do the best with the hand they’ve been dealt. Billing itself as Mint-for-student-loans, the site allows students to connect their loans, both private and federal, and see when they will have paid them off, in chart form.
A sliding tool on the bottom of the screen allows users to see what upping their monthly payments would do to shorten the lifespan of the loan and lower lifetime interest payments.
Another page helps optimize loans for underemployed borrowers — there’s a lot of them — so they can lower their payments. It even puts together necessary documents for users to submit to their lender, so they can easily change their payment plans.
Currently, according to McQueen, they have an aggregate of $60 million in user debt on their system. For now, it’s totally free.