MyLoans.ai
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About
MyLoans.ai is an AI-powered tool designed to simplify the complexities of student loan repayment. It offers personalized guidance, helping borrowers understand their options and make informed decisions. The tool provides instant answers to student loan questions, backed by official government sources. It compares the SAVE and Standard plans and calculates personalized options based on user-provided details such as income, loan amount, and family size. MyLoans.ai aims to empower borrowers with the knowledge and tools they need to navigate the student loan landscape effectively, free from confusion and costly mistakes.
Platform
Task
Features
• ai chat assistant
• official data sources
• calculates loan options
• compares save and standard plans
• loan repayment options analysis
• personalized student loan guidance
FAQs
What is the SAVE plan?
The SAVE plan is the flagship income-based repayment plan offered by the U.S. Department of Education. It was announced in August of 2023 and phases in gradually through July 2024. Borrowers can sign up now.
What is the Standard plan?
The standard plan is the default plan borrowers are automatically enrolled in. Generally speaking you pay a fixed monthly payment such that your loans will be fully paid off in 10 years.
Why does this site only compare those two plans?
In the spirit of the 80/20 rule we chose the two most relevant plans to compare. We plan to incorporate more plans as time goes on to comprehensively round out the solution, but we will do it in a way that clarifies rather than confuses.
Who is eligible for the SAVE plan?
Most student loan borrowers are eligible. There are no income limits.
What is the 'Tax Bomb'?
There is law on the books that forgiven student loan debt is considered taxable income1. That means if you're a borrower with $100K of loans, and you choose the SAVE plan and make 25 years of the required payments, you will subsequently be liable for paying up to an additional $37K2 to the IRS. Pandemic-era regulation temporarily paused this statute, but it goes back into effect starting in 2026.
How do I find & calculate my average interest rate?
You can find the interest rate for each loan you're paying on your servicer website under an option to view your loans. To calculate the average simply calculate the weighted average.
What should I put for my family size?
The central question here is: do you file taxes jointly with your spouse? If you do, then include their income in the income calculation, and include your spouse in the family size along with your dependents. In all other cases, only use your income, and only include yourself and your dependents in family size
Pricing Plans
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