Newtown Square-based PayForEd is among the startups helping people navigate their student loans both before and after they go to college, writes Erin Arvedlund for the Philadelphia Inquirer.
In the U.S., students default on a college loan every 28 seconds, and the number of those who are forced into default is increasing each year. In Pennsylvania, graduates rank first in the nation with an average debt of $36,193.
Thus, PayForEd launched a software program last year that provides a tool for financial planners to assist people looking for the best options when repaying student loans.
“It is the first student-loan repayment tool that helps recent graduates, married couples, and engaged couples navigate their various student loan repayment and forgiveness options,” said PayForEd founder Fred Amrein. “Most people don’t realize there are over 126 combinations of repayment options for a single person and a married couple.”
The software can also help with Parent PLUS, loans to help parents pay for their kids’ college education.
“With our software, parents and student can compare the various college award letters,” said Amrein. “It will project their debt and repayment at graduation based on the options selected.”
Read more about PayForEd in the Philadelphia Inquirer by clicking here.