MyLoans.ai
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About
MyLoans.ai offers free AI guidance for complex student loans, aiming to save borrowers thousands by skipping expensive advisors and confusing government websites. The platform allows users to ask any student loan question to an AI chat assistant, which then provides instant, personalized answers backed by official government sources. Users can input their financial details to get tailored guidance on repayment options like the SAVE and Standard plans. MyLoans.ai emphasizes simplifying the student loan landscape, empowering borrowers with knowledge to make informed decisions. It was founded out of personal experience with substantial student loan debt, recognizing a need for a simpler, trusted solution. The tool pioneers AI technology to revolutionize how borrowers manage their loans, promising to reduce administrative burdens for servicers and safeguard borrowers from costly mistakes. MyLoans.ai is committed to providing accurate, customer-centric solutions focused on simplicity and clarity, with future plans to expand services to undergraduate borrowers and other financial scenarios.
Platform
Task
Features
• offers customer-centric solutions
• aims to reduce administrative burdens for servicers
• helps understand repayment options
• simplifies complex student loan regulations
• provides answers backed by official government sources
• calculates options based on income, loans, family size
• ai chat assistant for questions
• instant, personalized student loan advice
FAQs
What is the SAVE plan?
The SAVE plan is a flagship income-based repayment plan from the U.S. Department of Education, announced in August 2023 and phasing in through July 2024. Borrowers can sign up now.
What is the Standard plan?
The standard plan is the default repayment plan where borrowers make fixed monthly payments to pay off loans in 10 years.
Why does this site only compare those two plans?
We currently compare the two most relevant plans, SAVE and Standard, following the 80/20 rule. We plan to incorporate more plans over time.
Who is eligible for the SAVE plan?
Most student loan borrowers are eligible for the SAVE plan, and there are no income limits.
What is the 'Tax Bomb'?
It's a law stating that forgiven student loan debt is considered taxable income, meaning borrowers may owe additional IRS taxes. Pandemic-era regulation paused it, but it restarts in 2026.
How do I find & calculate my average interest rate?
You can find individual loan interest rates on your servicer's website. Calculate the weighted average, or estimate between 4-8% if you prefer not to sign in.
What should I put for my family size?
If you file taxes jointly with your spouse, include their income and both of you plus dependents. Otherwise, only use your income and include yourself and your dependents.
Pricing Plans
Free AI Guidance
Free Plan• Instant, personalized student loan guidance
• AI chat assistant for all student loan questions
• Calculates repayment options (SAVE, Standard)
• Answers backed by official government sources
• No personally identifiable information collected or retained
• Access to demo data
Job Opportunities
There are currently no job postings for this AI tool.
Ratings & Reviews
No ratings available yet. Be the first to rate this tool!
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