Financial HackHERS Challenge by Awen, Gabi, Kristen, & Shivani
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Overview
Those who graduated in 2017:
65% of them graduated with student loan debt
Average debt was $28,650
The average monthly student loan payment for people whose payments are not in deferment is $393
Take the average person 20 years to pay off their student loans
Many Americans take out and subsequently pay their student loans without much knowledge of what they’re actually getting into. Many people pay off their loans for what seems like a lifetime mostly due to not knowing what their payments are going towards. There are ways around this such as calling your loan provider and excel calculators, but what if there was an intuitive and user-friendly way to do so?
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Basic Student Loan Information
92% of students have federal student loans and 8% have private loans
Average interest rate for federal student loan is 5.8%
Average minimum payment is is around $300
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Criticism
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Financial Technology That Already Exists
The student loan hero dashboard
In-browser
Syncs all student loans
Allows you to play with different repayment options to create new payment plans
Unbury.me
In-browser
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Our Plan / Execution
App
Aims to give users a visual representation of how much interest and principle they have paid.
Features
Indicates the overall goal payment alongside with how much interest is being paid and the principle.
Another feature it has after the threshold is met for a loan to be eligible for refinancing the loan the app will send out an alert.
Execution
Using Android Studio, we coded a prototype app which features a login screen and a calculation page.
In the final version we would implement more features as aforementioned.