Student Loan Hero is a free website that allows you to manage and organize your student loans. I’ve been hearing about Student Loan Hero for a while. I decided to sign up with them a few weeks ago. This post is my Student Loan Hero review.
It only took me a few minutes to create my free account with SLH. Once you sign in you will see five tabs to your left. The first tab is called the loan dashboard. Inside the loan dashboard, you can add your federal and private loans to your account. The dashboard shows you the number of loans you have, the estimated monthly payments, the total debt you have and the average interest rates.
Below that information is a tool that allows you to adjust your monthly payment. You can also calculate how long it will take you to pay off your loans. It also gives three different strategies that you can use to pay them. The strategies are called the minimum, a fast track payment, and a debt snowball. All three of them give you different actions to take.
The second tab on SLH is called savings plans. The plans are tailored to each users loans stats. They are there to help you save money on your loan payments. An example of some of the savings plans is direct consolidation loans, income based repayments, and bi-weekly payments.
The next tab is titled repayment options. SLH gives you several options on how to lower and postpone your payments. I honestly didn’t know that there were many options available. There is definitely hope out there for you if you have high loan payments.
The fourth tab is called charts. On my profile, I had two charts show up. The first chart is a payoff progress chart. It shows you exactly that. The second chart is called the principal versus interest payoff chart. It shows you the principal and accrued interest of each loan separately. It can be an eye-opener to see how much interest accrued on your loans.
The last tab is called your loan analysis. It goes into great detail about your repayment options. It also shares with you some benefits of refinancing. Lastly, you loan analysis gives you options for different lenders that you can refinance with. The options give you interest rates and also tell you the terms and loans that are eligible.
There are also three useful tabs at the top of the site as well. Below is a little bit of information about them:
Refinance- Gives information about the student loan refinancing options.
Our Blog – This section has different student loan advice.
Calculator – This section has several calculators to help you calculate your possible savings.
Overall, I really like SLH. It allows its users to have all of their student loan information in one place. To me, that is very helpful. Also, it gives you hope that you can make some kind of payment on your loans because of the several options that are out there. If you want to finally get a grip on your student loans head on over to Student Loan Hero and sign up today!