MyLoans.ai
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About
MyLoans.ai is an innovative platform designed to simplify the process of student loan repayment for graduate students. It offers a free loan repayment calculator, enabling users to easily evaluate their financial situations and receive tailored advice. The tool emerged from the personal experience of the founder, who faced significant student loan debt, recognizing the need for a simpler and more reliable resource for borrowers. MyLoans.ai aims to demystify the student loan landscape by providing personalized guidance, relying on advanced AI technology to create customer-centric solutions focused on transparency and clarity. As it continues to develop, the platform intends to expand its services to undergraduate borrowers and other financial scenarios, fostering an informed community of borrowers. Users can access valuable insights, and the tool is geared towards reducing the complexities and burdens traditionally associated with student loans.
Platform
Task
Features
• user-friendly interface
• chat support
• comparative insights for repayment plans
• personalized loan advice
• ai-powered loan repayment calculator
FAQs
What is the SAVE plan?
The SAVE plan is an income-based repayment plan by the U.S. Department of Education, announced in August 2023, gradually implemented through July 2024.
What is the Standard plan?
The standard plan is the default plan with fixed monthly payments to fully pay off loans in 10 years.
Who is eligible for the SAVE plan?
Most student loan borrowers are eligible with no income limits.
What is the ‘Tax Bomb’?
Forgiven student loan debt is treated as taxable income after 25 years under the SAVE plan, creating potential tax liabilities.
How do I find & calculate my average interest rate?
Check your servicer's website for interest rates, then calculate a weighted average.
Pricing Plans
Free
Free Plan• Loan repayment calculator
• User-friendly interface
• Personalized guidance
• Chat support
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