Company Info

SLOAN is short for Student Loan. I know, aren't we clever.

SLOAN is a financial technology platform that blends payment solutions and charitable giving to efficiently manage your student loans. Pay weekly. Pay monthly. Pay highest loans first. Use purchase Round-Ups. Get help from those that love you. Invite your employer to do the SLOAN benefit plan. Let technology work for you!

We have offices in Denver Colorado, Sprit Lake Iowa, & Spencer Iowa

Yes! 🙂 Let's work together to pay off your student loans faster saving money on the interest and shortening the life of your loans.

The App

Yes!  That's totally the point of SLOAN

  • You can use SLOAN to pay YOUR student loans, all in one spot.
  • You can use SLOAN to make payments to ANYONE ELSE's student loan (similar to Venmo or Paypal). Pay others for side hustles, to reimburse friends, whatever you choose.  Have your friends "SloanMe" your account and you can "SloanMe" to theirs.

SLOAN is not a lender. We don't refinance or consolidate. We simply make it easier and more efficient to pay your existing student loans.

Nope. We just help you manage the ones you have and get ahead of them faster.

We will give it to you straight, the more you use SLOAN, the sooner you will be free of student loan debt.  Here are the best ways to ensure ideal use of SLOAN.

  1. Set up your SLOAN account.
  2. Enter ALL your student loans so you can control your loans all in one spot.
  3. Set up autopay on your loans to make sure you always make AT LEAST the minimum payments on your accounts.
  4. Send a SloanMe link to your family or friends who may want to help contribute to your loans.  They can set up automatic payments too or send whenever they want.
  5. Set up Round-Ups on your account.  These are best used as "extra" payments to help you take time off the life of your loans.
  6. Invite others to do use Round-Ups on your behalf.
  7. Getting married or have a birthday?  Put your SLOAN link on your registry.
  8. Side hustle income & side hustle tips:  Have your tips go straight to your SloanMe link. Woot!  Getting extra payments feels great.

Your SLOAN account is the account that holds and transfers the funds you deposit from your bank account and Round-Ups to the student loan debts you've entered into SLOAN.  An example of a transfer would be: Checking account ->SLOAN Account ->Student Loan 

If you are familiar with Venmo, the functionality is similar. The difference is that the funds go directly from your SLOAN account to your student loans instead of your personal checking account like Venmo.

You must be in the app to add/link a student loan.  From the SLOAN dashboard, click Add Loan and then enter your loan details.

From the SLOAN dashboard, click Add Another Loan and then enter your loan details. You can add as many loans as you wish the most we've seen so far is 28.

An important factor in keeping up with your student loan payments is knowing where to find all of your student loan information. The National Student Loan Data System (NSLDS) is the U.S. Department of Education's comprehensive database for all federal student aid information. This is one-stop-shopping for all of your federal student loan information.

At NSLDS, you can find:

  • Your student loan amounts and balances
  • Your loan servicer(s) and their contact information
  • Your interest rates
  • Your current loan status (in repayment, in default, etc.)

To access NSLDS: 

  1. Go to NSLDS.ed.gov
  2. Select "Financial Aid Review"
  3. Read the privacy statement. You must accept these terms to use NSLDS.
  4. Have your FSA ID available. This is the same username and password you used to electronically sign your FAFSA. To learn more about the FSA ID, visit studentaid.gov/fsaid.
  5. If prompted, enter your name, Social Security number, your date of birth and your FSA ID.
  6. Select "Submit"

NSLDS can be a valuable tool for you in keeping track of your student loan information. Checking NSLDS and communicating with your loan servicer will give you the information you need to get back on track for your student loan repayment.

For Private Loans, you must contact your bank and ask for your loan information.

SLOAN is free to download on the App Store and free to add loans.

Unfortunately running SLOAN isn't free, so we have to cover our costs somehow.  Therefore, we process a transaction fee of .99 for loan payments. For incoming funds from the SLOAN Community the fee is 1.9%.  Example: Your parents give you $100 through SloanMe. With the transaction fee, $98.10 is deposited to your SLOAN account.  Then, you pay $97.11 towards your student loan.

For Round-Ups: To opt into this feature, there is a 50 cent per transfer fee, but this is automatically transacted from your Round-Ups. Funds automaticaly transfer when your Round-Ups get to $5

These transaction fees cover the costs to not only move your money and send payments but to also store that money in a personal FDIC-insured account. 

SLOAN helps you take years off of your loan (saving you money and interest), makes it easier make payments (saving you lots of time) and helps you to make sure you pay on time (keep your credit score healthy so you can Live the Life You Studied For (isn't that the real goal! Seems like a fair deal, don't you think?)

It's completely up to you. You can pay loans by highest interest rate, snowball method, or any method you choose.

1-2 Business Days

You are awesome, and the answer is yes! That's what SLOAN is all about.  We want to help borrower pay off their student loans and encourage people like you to help them get there faster!  So, we try to make it as easy as possible for you to help out. 

All that is needed is for your person of interest to have a SLOAN account and then you can contribute as frequently as you like.

Have more questions about this? Email us at support@SloanApp.com

For the time being, SLOAN is exclusively dedicated to student loan debt.

There are 3 ways to send someone money via SLOAN

  1. SloanMe Link:  They send you a SloanMe link. Simply click on it, and apply funds.  They will receive your financial gift.
  2. Search the website: Got to www.SloanMe.com and click on Search & Give under Contributor on the top navigation.  Use the search function to locate your person & give this way.  The person must be a SLOAN customer to be located.  If they aren't, simply click the Invite to SLOAN link so they can get started.
  3. Search within the app: Within the app, use the Search function and find SLOAN account holders and you can contribute how you like.
  4. Buy & Give a Gift card: We offer gift cards that can only be redeemed within the SLOAN app.  It's a great way to have a physical item to give and allows you to give without needing to use the website or app.  You can learn more here: https://sloanapp.myshopify.com

Please send us an email with your account and contact info to support@SloanApp.com and we are happy to help.

When you initiate transfers through SLOAN, your funds are stored in a personal FDIC insured account. You can set up to auto draft weekly, monthly or you can choose to control as you wish and apply when you choose.  If you choose to close your SLOAN account, you simply apply the balance to your student loans or to someone else's. It is SLOAN policy that all funds that come into SLOAN must be paid towards student loan debt for the assurance of the contributors who send funds on our borrowers' behalf.  Your funds are always yours to choose how this is done! 

We will be sad to see you go UNLESS it's because you've paid your loans in full! Then, we hope you will consider "paying it forward" and benefiting someone else with student loans. 

Lender Lists

These top lending insitutions and many more.

These top lending insitutions and many more.

  • Ascent
  • CollegeAve
  • Discover Student Loans
  • EDvestinU
  • INvested
  • Mefa
  • Sallie Mae
  • Citizens
  • Acumen Student Loans
  • Alliant
  • Connecticut Higher Education Supplemental Loan Authority (CHESLA)
  • Credit Union Student Choice
  • cuLearn
  • Dakota Education Alternative Loan (DEAL)
  • Higher Education Servicing Corp (Texas)
  • Independent Community Bankers of America (ICBA)
  • Maine Educational Loan Authority (MELA)
  • Massachusetts Educational Financing Authority (MEFA)
  • Minnesota Office of Higher Education
  • Navy Federal Credit Union
  • PNC Education Lending
  • Regions Bank
  • Rhode Island Student Loan Authority (RISLA)
  • Sofi, inc.
  • South Carolina Student Loan Corporation
  • Suntrust
  • Thrivent
  • Wells Fargo Collegiate Loan

Round-Ups

The Round-Ups from your debit card and checking account purchases are accumulated and transferred from your checking account to your SLOAN account when they reach $5.

Once you link the debit card & bank account you choose to use for Round-Ups, SLOAN makes transfers to your personal FDIC-insured SLOAN account. 

SLOAN makes transfers when your accumulated change reaches $5 in Round-Ups. We never withdraw more than $5 in one day in case you go on a spending spree and a ton of Round-Ups occur.

Here's an example:

DAY 1:
Coffee - $2.55 Rounded up $0.45
Breakfast - $11.10 Rounded up $0.90
Fuel - $32.30 Rounded up $0.70
Lunch - $14.12 Rounded up $0.82
Rent Venmo'd - $750 Rounded up $0.00
Uber - $7.33 Rounded up $0.67
Drinks with Friends - $15.12 Rounded up $0.88
DAY 2:
Coffee - $2.55 Rounded up $0.45
Birthday present for friend - $25.11 Rounded up $0.89
Itunes subscription - $4.99 Rounded up $0.01
Lunch - $4.10 Rounded up $0.90
Uber - $6.24 Rounded up $0.76
Groceries - $66.26 Rounded up $0.74
DAY 3:
Uber - $5.38 Rounded up $0.62
Lunch - $8.01 Rounded up $0.99
Airline Ticket - $132.78 Rounded up $0.22
Total Round-Up Value: $10.00

This amount will be transferred to your FDIC-insured SLOAN account each time it reaches $5.

No, credit cards can not be integrated with Round-Ups yet. However, this feature is coming soon!

Bank services through our banking software provider, Synapse.

To report a complaint relating to the bank services, email help@synapsefi.com.

SLOAN Community

Easy, just make one loan payment each month to stay active.

All active members are eligible for the Give Back! campaign, all promos and giveaways, anonymous gifts from donors, SLOAN Deals, and profiles are searchable on the database so that anyone can contribute any time they want. (Users may set this to private if they do not want to be searchable.)

All active users are eligible and will be randomly picked.

Federal Restructuring Plans

No, this is not refinancing and does not affect your credit score.

Let’s find out, as you go thru the process you will see your payment options.

The average borrower saves $326 per month when they restructure within our federal repayment portal.

No, this is for federal loans only.

Employer Benefit Plan

This will need to be set up by the Employer. They can contact us thru email at support@sloanapp.com or send us the info and we will reach out to them with your request.

We sure hope so! This varies for each Employer and we can set this up custom to your needs.

YES! Employers are eligible to write off up to $5250 per employee annually. We make this process easier. Interested? Please email us at: support@sloanapp.com.

Policy's & Security

All SLOAN transactions are FDIC insured, encrypted, and meet the highest industry standards for payment processing. Payments are closed loop when a user moves money between bank accounts via our ACH or Debit Card servicers.

Secure transactions including:

  • Banking credentials (which are never stored on our servers and are encrypted via bank-level security standards)
  • Personal information (which is kept in an encrypted, secure database for payment and account set up purposes only)

If you have more questions about how your information is being used and stored,please send us an email at support@SloanApp.com. We are glad to answer any questions you might have.

Click here for our complete policy - https://sloanapp.com/privacy-policy.

No. We are independently owned and work to make student loan transactions easier and more efficient. We aren't owned or in contract on behalf of any lenders. We simply help to make the transaction process easier for all parties; the borrower, contributor, and employers ALL the banks get the benefit of this also, but not any one over another.

Making a gift does not ordinarily affect your federal income tax. However, you cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). Yes, we agree this should be changed, but that's the rule as of today.

The IRS also confirmed that the annual gift exclusion amount for 2019 remains at $15,000 per individual per year, unchanged from 2018. This means you can give $15,000 to as many people you want each year without filing a gift tax return. If the amount you give is more than $15,000, you will have to file a gift tax return (Form 709) with the IRS.

Make sure you check with your accountant or a tax attorney for clarification on the above.

YES! You just need to use SLOAN funds towards SOMEONE's student loan debt but it doesn't need to be yours. You can save funds for the future or use as soon as you wish.

The Institute of Student Loan Advisors Corporation (TISLA) was founded to ensure that all student loan borrowers have access to free, neutral and clear student loan advice and dispute resolution assistance. We are a 501(c)(3) non-profit who believes that these borrowers have a right to a trusted resource with industry experience to mentor, educate and advocate for them. Student loan borrowers have a right to such a resource without being charged a fee, barraged with advertisements or forced to provide personal information that may later be sold.

Our goal is to help you help yourself. We are not here to manage your student loans for you, but to give you expert advice and help you to manage them successfully. We will offer fair, neutral advice that outlines what you are eligible for that is in line with current regulation and statute. LEARN MORE HERE http://freestudentloanadvice.org/about_us/

More Information

We'd love that! Any and all feedback from our users is extremely valuable to us and helps us continually improve.

Send ideas and improvements over to support@SloanApp.com and our team can chat about how we see them fitting into the SLOAN mission!

We handle all support questions via email, but if you wish to speak to someone on the phone you can schedule a call by emailing us at support@SloanApp.com.