According to the Federal Reserve System, Americans owe over $1.7 trillion in student debt. This makes student loans the largest source of debt in the United States. Another research suggests that more than half of 2019 graduates had a student loan.

The truth is that the accumulation of debt, especially for those with student loans can be traumatizing. You need to make sure that you have done everything you can to lower your student loan debts.

If you miss payments, you might find yourself slapped with hefty fees. This might also affect your credit score. 

Fortunately, you can use the following online tools and new technologies to help you to lower your student loan debts;

Student Loan Calculators

You can use a student loan calculator to estimate the amount of money you are supposed to pay on your student loans. This is a free tool available online that takes a couple of seconds to provide you with results.

To use these calculators, you will need to have the loan term, loan amount, and average interest rate. Using this information, the loan calculator will give you estimates for the total interest you are owed, the total amount of money you need to pay, and your monthly payment.

With this information, you can come up with a plan that helps you lower your student loan debt. In addition, you can budget your income to fit into the amount of money you should be paying every month. This is crucial in helping you stay on top of your finances.

Givling

Givling is a mobile app that can be classified as a trivia application. Creating an account on Givling places you in a group of three participants. You are then given trivia questions within the group. As you answer the trivia questions, you earn several points.

The more points you earn, the higher you go on the application queue. The application owners then look at the queue regularly to see those who are at the top. If you are lucky, you will have your student loan paid.

Givling offers two free trivia games for all participants every day. If you would like to play more than two games to climb up the ladder quickly, then you pay some fee. You can also get other paid options to help you climb up the ladder.

ChangEd

ChangEd is another mobile app that belongs to two brothers. They had a student loan when they graduated and struggled to pay it. They then decided to look for a way to help other graduates repay their student loans easily.

ChangEd allows graduates to link their financial accounts with their student loans. If you buy something using a debit or credit card, the purchase is rounded off to the next dollar. The difference then goes to an insured account.

After some time, you will have accumulated a significant amount of money that can be used to lower your student loan debt. You can also use this app to manage your loan accounts on a single platform. ChangEd can also be used to save money for a startup business.

Debt Payoff Assistant

Debt Payoff Assistant is an online tool that functions like a debt tracker. It follows the debt snowball strategy when helping graduates to lower their student loan debts. You can also use this tool for other debts, not just student loan debts.

When using Debt Payoff Assistant, you are required to input your student loan debt or any other debt. The tool will then generate a repayment plan based on your loan amount and other factors.

The tool comes with other features, including built-in calculators that are designed to help you calculate your loan terms and the repayment period. You can also view things like payoff dates and schedules depending on your requirements.

Google Opinion Rewards

You can think of Google Opinion Rewards as a task that you handle when you are free. It is a different way to help you earn some money that can go into lowering your student loan debt.

After completing a survey, you get a small reward. Doing this over time is going to get you more rewards. What do you do when you are waiting for something like food at a restaurant? You can spend that time on Google Opinion Rewards. Use the money you get here to lower your student loan.

Different tools and technologies come with different strengths and weaknesses. While one app might work for you, it might not work for someone else. Since there are many apps and tools you can use to lower your student loan debt, always make sure that you choose one that meets your requirements.