Lana Oconnell
Student Loan Hero is a free online resource that helps students and their families compare loan options. It was founded by Andy Josuweit, who started the company after graduating from college with six-figure student loan debt. The platform offers a range of calculators and tools to help users understand their student loans and explore refinancing options. Student Loan Hero also provides resources on credit cards, mortgages, and other financial products. While the company is not a non-profit or government organization, it does not charge users any fees for its services. Instead, it generates revenue through advertising partnerships and commissions from partner lenders.
| Characteristics | Values |
|---|---|
| Cost | Free |
| Ownership | Private, for-profit company |
| Business | Student loan refinancing |
| Founder | Andy Josuweit |
| Year founded | 2012 |
| Acquisitions | Acquired by Lending Tree in 2018 |
| Lenders | Nine partner lenders as of 2021 |
| Resources | Calculators, articles, reviews and comparisons |
| Security | Robust yet simple privacy policy |
| Application process | Easy |
| Customer support | Helpful and informative |
Explore related products
What You'll Learn
Student Loan Hero is a free service
The website provides an easy-to-use platform where users can quickly sync their student loan information and gain insights into their loans and various repayment options. The loan dashboard organises loans based on interest rates, showing how much interest is being paid daily and over the loan's lifetime. It also breaks down monthly payments, helping users understand how much goes towards the principal amount and how much covers interest charges.
Student Loan Hero's calculators enable users to estimate their savings, project different repayment scenarios, and even explore the potential benefits of refinancing their private loans. Additionally, the site offers a searchable database of student loan repayment assistance and forgiveness programs, keeping users informed about the latest developments in student loan news.
While Student Loan Hero is a private for-profit company, it generates revenue through advertising partnerships and commissions from partner lenders when users apply for loans. Despite this, the company maintains its integrity by only working with products and services they would proudly recommend, ensuring unbiased reviews and comparisons. Student Loan Hero's privacy policy is also robust and transparent, assuring users that their data will not be shared, sold, or rented to other companies.
How to Help Your Child Repay Student Loans
You may want to see also
Explore related products
It's a private, for-profit company
Student Loan Hero is a private, for-profit company. It was founded in 2012 by Andy Josuweit, Pavel Timofeev, and Evan Shoemaker. Josuweit started the company after graduating from college with six-figure student loan debt and wanted to help other borrowers in similar situations. Student Loan Hero was acquired by LendingTree, a publicly-traded company, in 2018 for $60 million. LendingTree is a lead generator site that connects customers with financial service providers.
Student Loan Hero is an online platform that provides tools, calculators, and repayment plans for managing student debt. It offers product comparisons and lists to help users understand their options for various financial products, including credit cards, personal loans, mortgages, and student loans. The platform allows users to sync their federal and private student loan information to organize their loans based on interest rates, monthly payments, and repayment options. It also provides calculators to estimate the effects of different payment plans on monthly budgets and long-term financial stability.
As a for-profit company, Student Loan Hero has financial incentives and receives compensation from its partner lenders. It generates revenue through advertising partnerships and by receiving commissions when users apply for and obtain loans from its partner lenders. Student Loan Hero works with multiple lenders and private companies that offer financial products, including student loan refinancing options. It is important for users to be aware of these incentives and conduct their own research when considering the recommendations provided by the company.
Student Loan Hero provides a valuable service by offering a marketplace where users can compare rates and terms from multiple lenders in one place. This allows borrowers to make informed decisions about their student loans and explore options for refinancing or alternative income sources to accelerate debt repayment. While the company has an incentive to promote certain products, it claims to maintain unbiased reviews and comparisons by only working with products and services that it would proudly recommend. Student Loan Hero's privacy policy ensures that user data is protected and not shared, sold, or rented to other companies.
Student Prime: Is It Worth the Cost?
You may want to see also
Explore related products
It offers loan refinancing options
Student Loan Hero is a web-based company that helps borrowers manage and repay their student loan debt. It was founded in 2012 by someone who had struggled to find helpful information about their own student loans. The company makes its money through advertising partnerships and by referring borrowers to their affiliate refinancing partners. Student Loan Hero only chooses to work with products and services that they would be proud to recommend, and their reviews and comparisons are honest and fair.
Student Loan Hero offers loan refinancing options through its partners. You cannot directly refinance through Student Loan Hero, but you can see and compare offers from their partners. Student Loan Hero provides a customized list of savings plans you may be eligible for through the Repayment Plans tool on its My Loans page. You simply link to or manually input your federal and private student loan data, and then answer questions about your ability to make payments, income, and job sector. Student Loan Hero then presents you with refinancing options from its partners, allowing you to compare these companies all in one place.
The companies that Student Loan Hero partners with are already vetted, so you can trust that they are legitimate. Student Loan Hero also provides borrowers with plenty of information about refinancing through its helpful articles and financial calculators. These calculators can show you how much you could potentially save if you refinance your private loans and whether you should be paying off your debt faster or investing your extra cash instead.
It is important to keep in mind that refinancing is not always the best option, and it is a decision that should not be taken lightly. Student Loan Hero has an extra incentive to encourage you to refinance your student loans because they make a commission when you refinance through one of their partners. Additionally, refinancing federal loans turns them into private loans, causing you to lose access to federal repayment programs and protections. Therefore, it is important to do your research and thoroughly contemplate your financial situation before refinancing through companies like Student Loan Hero.
Smart Strategies to Quickly Pay Off Your Student Discover Card
You may want to see also
Explore related products
It has calculators for managing money
Student Loan Hero is a free platform that provides a wealth of information on financial products such as credit cards, mortgages, and student loans. It offers a range of calculators to help users manage their money and make informed decisions about their loans. These calculators can be used to estimate potential monthly payments and the overall payoff for both federal and private student loans.
The Student Loan Hero dashboard organizes loans based on their interest rates, allowing users to see how much they owe and the status of each loan. It also shows how much interest is being paid daily and over the life of the loan, as well as the breakdown of monthly payments between the principal amount and interest charges. This helps users make important repayment decisions and evaluate their options.
The platform's calculators enable users to compare different payment plans and understand their impact on monthly budgets and long-term financial stability. For example, users can explore income-driven repayment plans and see how their loan repayment period might be extended. Additionally, the calculators can help users understand the potential savings from refinancing private loans and whether they should focus on debt repayment or investing their money elsewhere.
Student Loan Hero also provides resources beyond loan management. It offers product comparisons and lists that help users understand their options for credit cards, personal loans, equity products, and mortgages. It also suggests side hustles and part-time job opportunities to increase income and provides advice on budgeting and trimming expenses. Overall, Student Loan Hero's calculators and resources empower users to make informed financial decisions and effectively manage their money.
Student Loan Repayment: NSLSC Guide
You may want to see also
Explore related products
$22.99
It provides articles on student loans and personal finance
Student Loan Hero is a website that simplifies student loan management and repayment. It offers a range of tools and resources to help borrowers understand and manage their student loans and financial situation.
The platform provides in-depth articles and guides on student loans and personal finance. These articles cover a wide range of topics, from understanding different types of loans and credit cards to managing debt and improving financial health. For example, users can find tips on repaying loans more effectively, boosting income, or building an emergency fund. The site also keeps users informed about the latest student loan news, such as developments related to the student loan payment freeze and interest waiver.
Additionally, Student Loan Hero offers calculators that allow users to compare different payment plans and understand their impact on monthly budgets and long-term financial goals. It also provides repayment plan options and helps users choose the best one for their financial situation. The platform organizes users' loans based on interest rates, showing how much interest is being paid daily and over the loan's life.
Student Loan Hero also offers product comparisons and lists, helping users understand their options for credit cards, personal loans, equity products, and mortgages. It also suggests side hustles to earn extra income. All of these resources are provided for free, with the company earning revenue through advertising partnerships with products and services it would recommend regardless of payment.
Students and Council Tax: What's the Deal?
You may want to see also
Frequently asked questions
No, Student Loan Hero is a completely free online resource for students and their families. It doesn't directly fund loans but connects you to loan options.
Student Loan Hero is a private, for-profit company that makes money through advertising partnerships. It receives a commission whenever you apply for a loan and get approved by one of its partner lenders.
Student Loan Hero offers tools and resources to help you compare available loan options and create loan solutions tailored to your needs. Its dashboard organizes loans based on interest rates, breaking down payments by principal and interest costs. It also has a wide range of calculators to help you estimate your savings and make informed decisions about your debt repayment plan.
