Free student loan checkup can save you big money

Stretching Your Dollar

INDIANAPOLIS – There are two big financial concerns for getting a higher education.  The first concern is the money you need before you go to college and during.  People are trying to get loans, grants, scholarship money or money from other sources to pay for college. 

The second concern is paying back whatever you owe after you leave college.  In this story, we focus on a non profit organization that helps with both. But in this case, we are zeroing in on what happens after graduation. InvestEd is an Indiana Non profit that’s been around for 40 years. They offer what are called, “student loan checkups.” The people at InvestEd say some loans they’ve checked are at an 8% interest rate and above, which can be financially crippling.

“The amount that they’re paying every month could almost all be going towards interest.  And often times they could cut that number in half or significantly lower than what they are currently paying,” explained Bill Wozniak, the VP of marketing for InvestEd.

In part, InvestEd works to refinance loans.  They give very detailed and specific advice and they look at your situation to save you money.  This non profit is about Hoosiers helping Hoosiers.  That is their focus.

If you think it’s going to be a lengthy process to talk to someone, it’s not.  You simply dial 317-715-9015.  That’s the number for the people working at InvestEd.  They will tell you that you fit into one of three different categories.  Category one is where they tell you, you don’t need any help and your loan structures are as good as it gets for your given situation.

“Then we have category two where people we talk to have a decision or two to make to make the most of their loan situation.  We go over the pros and cons to what they can do.  And the third category are people that really need to get out of very high interest loans, and we can help with that and can often drastically drop their monthly payments,” said Wozniak.

They are experts in helping you pay off your loans for less, saving thousands of dollars.  Higher rate private loans can often be refinanced to a lower rate loan.  So the refinance makes it possible to pay it off quicker and with less interest.  But what if it’s a government loan?  There is discussion in the Biden Administration and the U.S. government of possibly forgiving some thousands of dollars in student debt. 

“We are aware of that possibility. We also know a lot of times some of the federal loans are better to be left where they are or to be federally consolidated.  This happens all the time.  And that consolidation or even getting a better federal payment plan will lower your payments, but it will not affect your chances of getting loan forgiveness,” said Wozniak.

Whatever your financial situation, they will give you the best and most specific plan to you.  You generally just need your loan information and maybe a FICO credit score.  And don’t forget, there is no charge whatsoever.

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