Lauren Cobello » Blog » How do moms pay off student loans?
Are you a mom that wants to owe less on her student loans? How do moms pay off student loans with all of their other financial obligations?
Did you know that women hold an average of $31,276 in student debt? This leaves them with a monthly loan payment of $307 the year after graduation. Women (moms in particular) are disproportionately impacted by student loan debt. Why is that?
The wage gap is a huge problem for women. On average, they expect to make less than men do, and as it turns out – only 81% of what the males anticipate earning! The challenge lies in meeting this loan obligation because you have less money coming in, so loans seem like an even worse option. Especially when there isn’t enough from your own earnings or savings account balance.
You then struggle to put down roots into repayment plans on time every month without fail (or at least regularly).
The idea of having to manage a household, take care of and provide for children’s needs while also being responsible for financial matters can be overwhelming. Add on top the cost associated with childcare services or kid activities–you may find yourself facing an impossible balancing act without even knowing it! So, how do moms pay off student loans?
There are a few different ways moms can start paying down their student loans. Today we are going to focus on a super-easy way to start paying down those loans.
The easiest way to start paying down your student loans at a faster pace is without even realizing you are doing it!
The easiest way to do this is with Round-Ups.
Round-up features are offered by some financial services companies in which each time a customer makes a transaction, that amount is rounded up to the nearest dollar, and the change is deposited into a savings or investment account.
There is one free app that is taking the student debt crisis by storm and offering roundups to pay down student loan debt at a rapid pace.
This app is called Chipper.
Imagine chipping away at student loan debt each day without having to think about it. Well, with Chipper App Round-Ups, you’re able to automatically contribute your spare change from everyday purchases towards your student loans, avoiding interest and paying down your principal faster. This could be your daily cup of coffee, filling up at the gas station, a trip to your favorite clothing store, and so much more!
Chipper is a simple, easy-to-use app that is completely FREE! In addition to Round-Ups, it offers personalized repayment and forgiveness options to help you crush your student loan debt.
To see how much the Chipper App can help you pay down your debt, use the calculator below and plug in your loan amount, interest rate, and how much you would like your roundups to be every month. Then watch the magic happen!
Here are 5 scenarios of different roundup lengths and amounts, see how using the Chipper App can help you shave 8 years and over $10,000 off your student loans!?!?
If that’s not already enough to get you running to download it, I’m also excited to share another stand-out feature Chipper will be launching this summer — Chipper Rewards. Similar to Round-Ups, you will chip away at your student loan principal when you shop. The difference is that the brands you shop with will be making the payments! In-app card-linked offers will provide you with details on how much is paid per brand, and you will be able to Rewards and Round-Ups at the same time for even more savings.
So, what’s a woman to do? The answer is simple. Get creative and use all the resources available to you.
Download the Chipper App and sign up for Chipper+ to start paying down your student loans sooner rather than later. With Chipper, you can start paying down those student loans today! We want to help every woman achieve her financial goals, so visit us today and get started on your path to debt freedom.