BOSTON, March 6, 2012 /PRNewswire/ -- SimpleTuition, Inc., the leading provider of tips, advice and interactive tools that help students save on college-related expenses, today announced the launch of PayBackSmarter.com (http://www.paybacksmarter.com/), the smarter way to understand student loan repayment options, all on one page. The site shows college students and graduates how to find a student loan repayment plan that works for their personal financial situation, including lowering monthly payments, paying back loans quicker and consolidating federal loans.
"Times are tough and graduates are not only struggling to pay back their student loans, but also to understand the repayment options available to them," said Kevin Walker, SimpleTuition's co-founder and CEO. "SimpleTuition developed PayBackSmarter.com to provide current students and recent graduates with a clear picture of their repayment options all in one place. And we highlight how those repayment plans affect them financially over the whole course of repayment."
By simply entering basic information about their school and student loans, users instantly see their repayment options in the form of real, customized and easy-to-understand graphs and tables. Supported repayment calculations include standard, graduated, extended, federal loan consolidation, income-based and more. Users can also enter private student loan information to see a complete picture of their student debt. PayBackSmarter.com for the first time provides students with a single destination where they can clearly understand the impact of different repayment plans on their personal situation and find the plan that's right for them. It even allows the user to see what adding a few extra dollars each month can do to their repayment. This provides users with a consolidated view of expected monthly payments, final payoff dates, total loan costs and more.
A recent report from the Federal Reserve Bank of New York finds that more than 5 million student loan borrowers are at least 30 days delinquent with their payment. With total student loan debt outstanding at nearly $900 billion, the challenge of paying back student loans is shared by many in our society.
"Student loan debt and the risk of loan default has become a matter of national importance and a major economic concern. PayBackSmarter.com was built to help alleviate these pressures by allowing students to make informed decisions," continued Walker. "This revolutionary tool is designed for students to use themselves, but some college financial aid offices even plan to use PayBackSmarter.com as part of their student loan exit counseling."
About SimpleTuition, Inc.
Since its launch in 2006, SimpleTuition has helped more than 10 million families afford higher education. SimpleTuition.com features tips, advice, interactive tools and deals that ensure students plan better for college costs, pay less for college-related expenses, and be smarter about how they manage and pay back their student loans. Named Best Financial Services Site by Kiplinger's, SimpleTuition is headquartered in Boston, Mass., and is funded by Atlas Venture, Flybridge Capital Partners, and North Hill Ventures. For more information, visit SimpleTuition.com.
SOURCE SimpleTuition, Inc.