Pillar, a company that wants to help people reduce their student loan debt, has launched an app which automates and manages the loan repayment process. The platform starts by aggregating all of a borrower’s student loans into one place. It then uses data science to analyze loans, income, and spending to determine the fastest way to pay the debt.
The average borrower on Pillar is expected to save $6,200 and four years on repayment.
“Last year my wife graduated from law school with over $300k of student loans. I was at Stanford Business School, where I planned to take on another $250,000 of debt,” said Michael Bloch, CEO, and co-founder of Pillar “I saw how the student loan debt crisis is one of the biggest challenges facing our country, so I dropped out of Stanford to help solve it.”
On Pillar, people can make in-app payments and are regularly updated on new ways to save money so they can pay off their loans more effectively. Pillar also shows people how much money they’ll save if they make payments now or in the near term, and if they can afford to increase or decrease their payments.
People can download and sign up for Pillar on iOS, and Android.
Today, more than 44 million people collectively owe more than $1.5 trillion in student loan debt. According to the Student Borrower Protection Center, every 28 seconds, one of those student loan borrowers defaults on their loan.
Source Protect Borrowers dot Org
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