Will Sealy started SimpliFi to simplify the student loan repayment process. He previously worked for the Consumer Financial Protection Bureau as a student loan policy advisor, and he unlocked a passion to help graduates improve their financial situations. That passion didn’t just come from his career choice. He found himself saddled with student loan debt much like other graduates.
He put that passion into action with the SimpliFi Student Loan tool. He gathered others who had suffered through the plight of student loan debt and created the tool to make it easier for students to understand their options and organize their student loans.
How SimpliFi’s Tool Works
Borrowers begin by uploading their loan details into the SimpliFi dashboard. All of the loans are uploaded to the same dashboard, so students can view their loans in one spot. The dashboard includes the amount borrowed, average interest rate, total owed, and payoff year.
The SimpliFi tool analyzes the loan information and makes recommendations based on the person’s unique situation. Recommendations might include refinancing for a lower interest rate (where you can apply for a loan at a new interest rate to pay off your old loans) or applying for student loan forgiveness (programs offered by the federal government to qualified student loan borrowers).
Then the tool guides users through the steps necessary to find the best student loan refinance rates or to determine if they qualify for student loan forgiveness.
The tool also provides interest rate updates to ensure graduates lock into the best deals. In addition, it acts as a payment processor. Consumers can easily pay all of their student loans with a click.
Finally, the product simplifies the terminology that surrounds student loans. All the terms can get confusing, but with SimpliFi’s easy-to-use tool, people have a much better understanding of the concepts. This takes the guesswork out of the student loan repayment process.
How Does SimpliFi Make Money?
SimpliFi doesn’t charge for the use of its tool, but it does manage to make money. The company recommends both services and products to people who use the SimpliFi tool. In some cases it earns a commission when people sign up for one of the products. It also occasionally earns advertising fees when products advertise within the tool.
It’s important to note that SimpliFi only advertises or recommends products that the people behind it believe in. They do their due diligence when selecting products. They might make money off the recommendations, but they don’t recommend for the sole purpose of making money. It’s always done with the goal of helping people get out of debt faster.
SimpliFi vs. Student Loan Hero – Similar Tools for Students
Many graduates have heard of Student Loan Hero and wonder how the two tools compare. They are quite similar. Like SimpliFi, Student Loan Hero works to help consumers save money when repaying student loans.
Consumers add their information to the Student Loan Hero tool, it gets organized so they can see the number of loans they have, the total balance, the average interest rate, and the total monthly payment.
This tool also offers personalized repayment plans to help people find ways to save. That includes information on refinancing and consolidation. The loan calculators also help people find the best repayment plan for their needs.
Expect these two tools to go head to head. They both offer an excellent service for consumers. Those who need help making sense out of their student loans can benefit from both tools.
SimpliFi Proves It’s Ready for the Big Time
SimpliFi might be in its infancy stages but it’s already gathered a great deal of buzz. That’s largely due to its performance at the 1776 Challenge Cup Regional. The startup took home first prize in the regional, beating 16 others.
The 1776 Challenge Cup seeks out the best startups around the world. The cup is held in 75 cities and one winner is awarded in each city. By taking home the prize the company proved it has an exciting product.
What the Future Holds
The SimpliFi student loan tool is still getting its feet wet in the finance world, but expect it to make quite a splash. The team behind the tool is a dedicated bunch and has the skills to reach the masses.
Those who want to streamline their student loan repayments or find ways to save money will benefit from the tool. Once they get started they can expect to get quality recommendations to help them save money. This will help them get out of debt faster so they can start saving their money for vacations, retirement, and so much more.
Author: Jeff Gitlen
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