How It Works: BORROWERS
The Borrower (Student) sets up a profile consisting of:
A brief bio
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.
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.