After his experience with working as a policy advisor for the Consumer Financial Protection Bureau, Will Sealy saw a hole in the market for student loan products. With so many confusing repayment options for student loan borrowers, Sealy found that he was on his own when it came to understanding how to handle his student debt.
No one was helping graduates directly, so he created a new kind of loan assistance company. SimpliFi helps students better understand their options to find the best possible refinancing rates and terms on their student debt.
Here’s How It Works
To start using SimpliFi, borrowers must upload their loan details to the dashboard on the SimpliFi site. One of the beautiful pieces of technology here is collating all of the borrower’s student loans onto one page for easy viewing. Typically, student borrowers must switch between different bank and loan company websites to get a complete picture of their debt situation. SimpliFi makes the process easy with complete visibility for all of the various loans.
After the student loan information is loaded into the dashboard, the SimpliFi algorithms go to work in the background. Using machine learning and automatic processes, the dashboard will outline student loan refinancing options and even offer advice on applying for loan forgiveness programs if applicable. Many people never realize they are eligible for better terms on their student debt, and they can miss out on the opportunities to save money on their loan repayment.
Why Is Student Loan Repayment Confusing?
Student loans are a complicated business. There are countless combinations available to each individual student when they look to pay for school. Conventional loans are only one possibility. Borrowers can access financing through an “alphabet soup” of loan programs and sources from the federal government, private institutions, state governments, and more.
Depending on each unique situation, there may be dozens of opportunities for refinancing and forgiveness based on the individual person. Certain careers, majors, and backgrounds give borrowers special deferral or forgiveness opportunities. Things like military service and other special circumstances can unlock hidden opportunities for better terms on student loans.
Paying back student loans can be a daunting process without the right tools and knowledge, but SimpliFi makes it easy to find the best possible choice to help borrowers pay down their loans quicker with lower interest rates and flexible repayment options.
The SimpliFi tool is a great resource for new graduates or long-time borrowers looking for better options. It’s worth mentioning that the organization is for-profit, but SimpliFi is fairly upfront about how they make their money.
Some of the automated recommendations for loan refinancing options offer a chance for SimpliFi to earn commissions on their student loan-related referrals. In other cases, the website earns revenue from targeted advertising.
However, each recommendation made by the SimpliFi tool is backed by their social promise to provide education and better choices for student loan borrowers looking for the best option for their debt.