Student debt has topped a trillion dollars nationwide, meaning the average graduate is more than $25,000 in debt.
If you have $25,000 in total student debt, an average interest rate of 6.8%, and a repayment period of 15 years, you’re going to end up paying a total of: $39,945.78, or $221.92 per month.
So how to deal with such kind of problems?
Well, I would suggest you to check out this new startup(Smartbank).
What Is SmartBank?
Smartbank aims to offer tips, advice, interactive tools, and deals to ensure students plan better for the cost of college, pay less for college-related expenses, and are smarter about how they manage and pay back their student loans.
All you need to do is just go to www.smarterbank.com and click on the “Sign up now” link. This will first take you to a page where you can quickly set up your SmarterBucks user ID, password, and answer a couple of security questions so they can keep your rewards account safe.
Next, you will automatically be taken to the enrollment pages to set up your SmarterBank checking account.
There, they will gather your information, give you a chance to review some fine print, and make it easy for you to make an initial deposit into your bank account.
Then they will send you some stuff in the mail such as your free SmarterBank Visa Debit Card, your free checkbook, some documents to review, and a form to sign to complete the opening of your account.
Free To Use:
There are no monthly fees for active accounts. Many other bank accounts charge you monthly fees if you don’t keep a certain balance or do lots of transactions.
Your SmarterBank checking account will remain free so long as you use your account each month by doing anything as simple as a single debit card transaction, ATM transaction, deposit or withdrawal, cleared check, or online bill payment.
Customers who do not do any of the above eligible actions in a given month will be charged a $4.95 fee
Best Part Is:
A SmarterBank account is an FDIC insured, online checking account that includes a free SmarterBank Visa Debit Card on which you earn SmarterBucks rewards.
Like most bank accounts, you will be able to get money from the ATM and have free access to online banking where you can view your banking activity, transfer money, and pay bills.