LoanBuddy Launches Application to Help Borrowers Manage Student Loans and Connect with Financial Advisors

Aug 20, 2019 6:15:00 AM

Forty-three million Americans - that is, one in three American workers - struggle with student loan debt. Over the last decade, the average student loan balance has doubled to $38,000 per graduate. By 2023, outstanding student debt will be more than $2 trillion.

In an effort to improve this looming issue that more and more Americans unfortunately find themselves in, Co-Founders Alex Bottom and Ryan Inman created LoanBuddy, a platform that provides solutions to help people better understand their options for their student debt.

LoanBuddy came out of beta in 2018, and began as a platform for financial advisors to analyze client debt and now accounts for over $150 Million on LoanBuddy for advisors.

LoanBuddy’s first users were primarily fee-only financial planners, who are true fiduciaries for their clients. LoanBuddy is thrilled to announce that we have expanded our offerings to help even more borrowers with the new LoanBuddy platform for student loan assistance. Now anyone with student loans can login to LoanBuddy and begin using our technology. 

“The average client working with an advisor on LoanBuddy has over $160,000 in student debt. These are mostly individuals that earned post-grad degrees and are considered HENRY’s (High Earners but Not Rich Yet). Now, through our new freemium tools, all college grads/borrowers can begin to better understand the lifecycle of their student debt with the LoanBuddy self-service portal and if desired, ultimately find a financial advisor that intimately knows their occupation and what they are going through,” said Alex Bottom, Co-Founder of LoanBuddy. 

Borrowers can discover which of the federal repayment plans might best fit them as well as connect to refinancing options for free on LoanBuddy. For only $99 per year, borrowers can also prepare required documents and track their student loan debt with LoanBuddy Plus. Those who plan to utilize LoanBuddy’s unique tools throughout the entire lifecycle of their loan, can sign up for LoanBuddy Lifetime with a one-time payment of $149.

“Too many borrowers are scared of dealing with their student loan debt — from reading national headlines, to their own frustrating experiences dealing with their loan services. LoanBuddy seeks to give consumers the unbiased help they need to conquer their student loan debt effectively,” said Robert Farrington, America’s Millenial Money Expert and founder of The College Investor.

“We are thrilled to offer a do-it-yourself experience for borrowers who want some help dealing with their student loans, but don’t need a full financial planning experience,” said Ryan Inman, Co-Founder of LoanBuddy. 

Along with LoanBuddy’s many practical services, members can also use the “Find an Advisor” feature to connect with a financial advisor who caters to their specific needs should they want more help. This feature connects borrowers with financial advisors based on their own occupation, and provides a simple avenue for contact.

If you are struggling with student loan debt and need student loan assistance, access free tools and connect with a financial advisor on LoanBuddy.

Forty-three million Americans - that is, one in three American workers - struggle with student loan debt. Over the last decade, the average student loan balance has doubled to $38,000 per graduate. By 2023, outstanding student debt will be more than $2 trillion.