MyLoans.ai
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About
MyLoans.ai offers free, AI-driven guidance for student loan borrowers, simplifying complex regulations and enabling informed financial decisions. It provides instant, personalized answers to queries, leveraging official government sources. The platform helps compare repayment plans like SAVE and Standard, and will expand further. Users can calculate options based on income, loan details, and family size, with no personally identifiable information collected. Born from the founders' experience with significant student loan debt, MyLoans.ai addresses the need for a trusted, simplified solution. Its vision includes expanding services to undergraduate borrowers and other financial scenarios, using technology to advocate for borrowers on a large scale.
Platform
Task
Features
• personalized advice
• instant answers
• simplifies complex student loan regulations
• empowers informed financial decisions
• no personally identifiable information collected
• calculate repayment options
• backed by official government sources
• free ai guidance
FAQs
What is the SAVE plan?
The SAVE plan is the flagship income-based repayment plan by the U.S. Department of Education, announced Aug 2023, phasing in through July 2024. Borrowers can sign up now. See Dept. of Education site.
What is the Standard plan?
The standard plan is the default, fixed-monthly payment plan designed to pay off loans in 10 years. Borrowers are automatically enrolled. More details are on The Department of Education website.
Why does this site only compare those two plans?
We chose the two most relevant plans (SAVE and Standard) following the 80/20 rule. We plan to incorporate more plans over time, ensuring clarity rather than confusion in the solution.
Who is eligible for the SAVE plan?
Most student loan borrowers are eligible, with no income limits. The Department of Education's resource outlines specific loan eligibility under the "Which Loans are Eligible" heading.
What is the 'Tax Bomb'?
Forgiven student loan debt is taxable income (e.g., $100K forgiven could mean $37K to IRS). Pandemic-era regulation paused this, but it reactivates in 2026. PSLF is exempt.
How do I find & calculate my average interest rate?
Find individual loan interest rates on your servicer website, then calculate the weighted average. A calculator is available online. You can also estimate rates between 4-8%.
What should I put for my family size?
If filing 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
Free Plan• Personalized AI student loan guidance
• Instant answers
• Comparison of SAVE and Standard plans
• Access to official data sources
• Calculation of repayment options
Job Opportunities
There are currently no job postings for this AI tool.
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