We are excited to announce the release of GradJoy - the intelligent student loan management platform that helps people save money and be debt-free faster on all their student loans.
GradJoy makes student loan repayment simple. At its core, GradJoy is designed with the needs of borrowers in mind. With GradJoy, you never have to visit your student loan servicer's clunky website or worry about your account locking. You can now manage and pay all of your loans from one app.
GradJoy takes it a step further with Smart Recommendations. GradJoy's financial engine analyzes your loans, spending, and income to provide you with unique strategies to tackle your loans on your terms. What this means for you is that GradJoy will suggest ways to speed up the repayment process without affecting your wallet. GradJoy's engine is always learning about your unique financial situation and looking out for new ways to save you money. With GradJoy, you can be confident you are on the right track to get rid of your student debt.
Student debt is one of the main problems facing our generation. According to The Institute for College Access and Success, 7 out of 10 students graduate with student debt, and there are over 45M graduates holding an average of $30,000 of debt, making student loan debt the second most abundant type of consumer debt. Student loan debt is a cascading problem as it prevents the upcoming generation from reaching their personal and financial goals, such as starting a family or buying a home.
To make matters worse, student loan servicers' incentives do not align with those of the borrowers they are supposed to assist in the student loan process. Servicers have made it more complicated by forcing borrowers to navigate through unnecessary bureaucracy, complicating the requirements within the public service loan forgiveness program, and implementing schemes to get borrowers off their support lines such as the "The Seven Minute Rule."
I faced all these issues shortly after graduating from The University of Texas with about $40,000 of student loan debt. I was determined to use all the resources available to get rid of it as soon as possible. After countless hours with excel spreadsheets, at the financial aid office, and on the phone with my servicer, I knew there had to be a better way.
My story and the similar story of millions of student loan borrowers is what inspired our team to turn down our jobs and start GradJoy. Since the beginning, we aligned GradJoy's incentives to align with those of our users. GradJoy will never sell any of our borrower's data nor will we misdirect them to opportunities that do not support our borrowers. At GradJoy, our borrowers come first. Always.
Our team is thrilled to announce that GradJoy is now available for all! You can get GradJoy for both iOS and Android, and you'll be running with all your loans in one place in no time. We hope you'll join us on the journey to improve the lives of millions of student loan borrowers.