Every year, more & more of us are cutting the cords in multiple ways as we have an app on our mobile phone to do many of the tasks we once did in-person or on a laptop in college. Now, with the swipe of a finger, you can make travel reservations, buy groceries, and even track your student loan payments. Here are some of the companies that offer mobile resources for your loans.
Earnest allows you to refinance your student loans and manage them on their mobile app. With their mobile app, you can not only track your previous loan payments but also schedule one-time or recurring payments and the payment amount.
Another added bonus for refinancing with Earnest, in addition to their mobile app, is the ability for you & your friend to both earn $200 if they refinance with Earnest as well.
In addition to the ability to earn a 0.50% interest rate deduction if you already have a bank account with Citizens Bank and enroll in automated student loan payments, Citizens Bank also has an app that allows you to track your account balances and make payments too.
Wells Fargo is another lender that also allows you to have a bank account in addition to student loans. Their mobile app allows you to track your loans & also make payments in addition to the regular mobile banking options available with your Wells Fargo checking or savings account.
Discover Student Loans
This is one of the better student loan apps available due to its functionality. You can track balances and make payments. Along with the regular banking features, you can also access your FICO Credit Score for free which can be beneficial when you are planning to apply for new credit.
The Great Lakes Mobile App allows you to schedule loan payments, track payment history, view loan details like the interest rate, monthly payment, lender, and loan status. With the app, you can also receive payment reminders and sign-up for full account access meaning you may never have to visit the actual Great Lakes website again for any of your student loan needs.
If you have borrowed or refinanced with Sallie Mae, they also have a very functional mobile app. You have the ability to schedule payments for one loan or multiples, see recent payment history, view the various loan details including the interest rate, current balance, total amount due, etc.
If you have an Apple Watch, the app will also allow you to schedule payments and receive payment confirmation on that device in addition to your smartphone.
AES Student Loans
If your loans are serviced by AES Student Loans, they also have an app available for Android and iOS devices. You can view your account balances, current amount due, and schedule payments on all your loans. It’s also possible to update your bank account information if you need to begin making payments from a new checking or savings account too.
As a leading financial institution, PNC Bank also provides private student loans to undergraduate, graduate, and professional students. Their app also allows you to track account balances and make payments.
Another large bank with a national presence, SunTrust also has a mobile app that allows you to track loan balances and schedule payments. Plus, if you have other bank accounts with them, you can view all your accounts in the same app!
A popular concept for financial apps is to have a “micro-saving function” that analyzes your spending habits and pulls a small amount each day, week, or amonth from your bank account and puts it into a separate bank account. This helps ensure that you don’t burn your entire paycheck on lattes or going to the movies.
A new app, ChangEd, uses this micro-saving concept and withdraws a few cents or dollars a day from your bank account and sends it directly to your student loan servicer. The amount is usually so small that you will not realize that it’s missing, and, it is an easy way to make extra payments on your student loan without having to remember to do so.
There are a few conditions you should know about this app. It does cost $1 per month to use, although the savings can greatly outweigh the cost, and it is currently only available on iOS devices. However, they are in the process of launching an Android app in the near future.
Why Mobile Apps Are Important
As a borrower, you might think a mobile app is necessary. Especially since it’s still not uncommon for several major lenders to not offer a mobile app yet. But, as the trend of online banking continues to shift from a web-based platform accessible from a computer or laptop to cell phones, tablets, and smartwatches, every lender will rollout an app. Until then, the above list will help show you if it’s possible to enjoy the benefits of mobile banking for your student loans.