Monday, October 23rd, 2017

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PayOff Live Means Paying Off Smart

Student Loans, Meet Your MatchTry a 30-day FREE TRIAL of PayOff Live now!


Sometimes it feels like you can’t win: either you borrow money to go to school and start your life in debt or you don’t go to school and make less money throughout your lifetime. Few students can afford to pay for college without some form of help or education financing. In 2007-08, the average student loan debt among graduating seniors was $23,186. Graduate students borrow even more, according to FinAid.org, “The median additional debt is $25,000 for a Master’s degree, $52,000 for a doctoral degree and more than $118,500 for a professional degree.”

At these prices you might be wondering if it’s even worth it.

A report from the Commerce Department’s Census Bureau says that a college master’s degree is worth $1.3 million more in lifetime earnings than a high school diploma. Over an adult’s working life, high school graduates can expect to earn $1.2 million; $2.1 million with a bachelor’s degree; $2.5 million with a master’s degree; $3.4 million with a doctoral degree, and $4.4 million with a professional degree.

The Project on Student Debt found that “the percentage of all undergraduates with private loans has risen dramatically, from 5 percent in 2003-04 to 14 percent in 2007-08, and the number of private loan borrowers increased from approximately 935,000 to 2,046,000.” Fifteen billion in private loans was borrowed in 2007-08.

Many adults still haven’t paid back their student loans. Sara Kellerman, who just turned thirty, says, “I paid off two small private student loans from undergrad but have been deferring my undergraduate federal student loans for about 10 years, due to graduate school and then economic hardship. I wonder if I’ll ever be able to pay on them, much less pay them off. I currently have forbearance while waiting to be approved for one of the new income-sensitive repayment programs.”

How can you pay off your student loans?
PayOff Live is a new web-based application that uses complex algorithms to help people get out of debt quickly and easily. PayOff Live Founder Adam Miller says, “The typical time to pay off a student loan is roughly 15 years. Using PayOff Live the student should have his or her student loan paid off in full in three to five years—saving him or her 10 to 12 years of payments, interest, and the ability to increase their cash flow and pay down other debt.”

PayOff Live uses whatever money you have coming in. You don’t need a steady paycheck or set income to use it. Adam says, “Even if a student receives irregular income from their parents they can still use PayOff Live. There is no time like the present to take a proactive approach to finances; using PayOff Live will help students create a budget and understand where their money is going.

PayOff Live algorithms utilize strategic principles that determine exactly when additional funds should be applied to your debt. This timing allows your money—which typically sits stagnant in your checking account—to be leveraged, potentially saving you thousands of dollars in interest on your debt.”

It seems too good to be true. But, according to Susan Miller, “I used PayOff Live to pay off my student loans. The $10 a month that I paid to use PayOff Live was well worth the amount of time, interest, and stress I saved by paying off my student loans so quickly.”

If it seems too good to be true you can try it for yourself. Take the Young Money Challenge and get two months of PayOff Live for free.

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