How It Works: BORROWERS

The Borrower (Student) sets up a profile consisting of:

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    A brief bio
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    College(s) attended
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    Account information for their student loans

Each loan has its own lender, repayment schedule, balances, and interest rates. For borrowers with multiple loans, this means that they will have balance and loan information for each individual loan. If the borrower has consolidated their loans, then they will only have one line item for the loan on the profile.

My Loans Screen

Once set up, the Borrower can make payments directly through the SLOAN platform to their own loan balances and minimums by using a linked checking account or credit card.

As payments are made, the Borrowers not only see their loan balances decrease incrementally, but can also view loan fulfillment timelines and the costs associated with prolonged payment methods and interest.

A feature that is unique to SLOAN. . .the Borrower Profile ties directly to the student loan account(s) and not to the individual Borrower’s checking accounts. Therefore, when funds are given to the Borrower to put toward their student loans, the Donors & Contributors are assured that the money goes directly where intended and applied to the student loan balances without needing to know specific loan details; just the Borrower's name.

How It Works: CONTRIBUTORS & DONORS

Contributions from Contributors & Donors can be made using a:

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    Debit or credit card via the website
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    By opening the SLOAN application and finding the profile of the Borrower to whom they wish to contribute
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    By having borrower send them a link from directly from the app

As payments are made, they can track their contributions by watching the balances of their chosen borrower decrease by the increment of their payment. Once the payment is applied, they will also be notified as to how much time and interest that the payment saved the Borrower in the long run.

How It Works: EMPLOYER BENEFIT PLANS

The Contributions from Employer Benefit Plans are directly deposited into their employees SLOAN accounts. Once deposited, the employee will only be able to apply the funds to their loan balances and not withdrawn into their personal checking accounts. This guarantees that the benefit plan disbursements are applied to the intended outstanding student loan balances.

Business Office

KEY FEATURES

My Loans Screen

SLOAN allows easy management of multiple student loans from multiple lenders on ONE platform

Borrowers can add loans as they accrue them during school to stay organized

Pay Loans Screen

Borrowers can pay all minimums automatically. They can choose to pay weekly, monthly, or just one payment at a time. The option is theirs.

Borrowers can pay extra to highest interest loans first or pay off smaller loans faster to get rid of "that loan"

Friends Screen

Friends and family can contribute to repaying loans with assurance that their money can ONLY go to the Borrower’s student loan debt

"Round Up" money from the Borrower’s debit/credit card purchases can be applied to the Borrower’s student loans

Round Up Screen

"Round Up" money from debit/credit card purchases can be applied by friends and family to pay on the Borrower’s student loans allowing parents, friends & family to contribute to a loved one without affecting their personal budget

One time payments can be made by anyone for special events like birthdays, anniversaries, wedding registries, etc.

SLOAN offers an employee benefit plan allowing companies to contribute to their employees’ student loans and attract the best talent