Student loan debt is a hot topic among the current crop of presidential candidates, and with good reason. The graduating class of 2015 has the most student debt ever in U.S. history.
And African American students fare worse. Black Enterprise Senior Finance EditorÂ Stacey Tisdale writes, “More than 40% of African American families have student loan debt.Â African American families also carry more student loan debt than other groups: $10,295 on average compared with $8,020 for white families…â€
Debt from student loans is not only a financial burden, but can negatively affect the debtor’s future. More than 20 states have laws that could revoke borrowers’ professional licenses if the loans slip into default. The laws affect lawyers, teachers, nurses, and other professionals who need licenses to work in their fields. Some states can even revoke driver’s licenses.
The best course of action is to tackle loan debt head on. Fortunately, there are several great technology tools that can aid in managing student loan debt. Here are some of the best tech tools for managing student loans:
On Mobile Devices:
Developer: OxBowSoft LLC Finance
Available for Android and iOS
Average Rating: Google Play (4 stars), App Store (4.5 stars),
Debt Payoff Planner helps users determine the best payment plan for student loans and calculates how long it will take to pay off the debt. The app also offers advice on how to pay loans off faster, how to transfer credit card balances and more.