I help people pay off their student loans with my startup and just paid off $107k of my own! AMA.
Bio: I Am Andy Josuweit, CEO and co-founder of Student Loan Hero. My relationship with debt started seven years ago after graduating from an expensive private school with $74,000 in student loans.
I was told I would earn about $80k upon graduation, but I wasn’t able to find a job with a salary anywhere near that. Without steady income (and a terrible economy in 2009), I ended up defaulting on my student loans and my balance ballooned to $107,000.
Building Student Loan Hero allowed me to help people who struggled in the same way I did. After a seven-year-long journey, I finally paid off my student loans (in full) three months ago. All $107,000! Now that my debt is officially behind me, I thought it’d be the perfect opportunity to share some insight into my six-figure payoff story.
Our free tools, calculators, and guides are helping 100,000+ borrowers manage and eliminate over $2 billion dollars in student loan debt. Ready to ROCK this AMA!
Follow me on Twitter: @josablack & @StudentLoanHero
Update: You guys are awesome! Obviously, I can’t get to all your questions. If you're still looking for help, feel free to check out our website here where you can get free repayment advice and find answers to your student loan questions. I will be wrapping this up around 5 pm EST.
Final Update: Thanks for having me! I'm exhausted, so time to call it quits. Many folks had the same questions, so I'll answer them here:
1) SLH makes money the same way that Bankrate, NerdWallet, and CreditKarma do via performance-based advertising. This means we earn a commission when a customer decides to apply for a product/service. Everything on SLH is 100% free for users, although we do have some tools that allow you to "Pay What You Want" (and anyone can decide to pay $0 if he/she wishes).
3) Lastly, there is no magic bullet when paying off debt. It takes hard work, patience, and determination. I simply hope to make student loan repayment less confusing with some simple tools and resources that anyone is free to use.
Thanks everyone for sharing your stories/questions/and feedback! If you have any additional questions, you can always email our team here: [email protected]