Nickels is a student loan guidance system that assists federal loan borrowers in navigating student loan repayment. Born from the ideas42 Venture Studio, powerful behavioral science helps Nickels provide support and clarity on what actions borrowers need to take and when. Nickels Founder, Joseph Gracia, created the company to, "help ensure that student-borrowers can use their loans to build up their credit profiles, rather than undermine their financial futures."
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Borrowers who owe the least are most likely to default on their loans, so choosing the right repayment plan is crucial. Having an affordable plan for your income ensures you can make payments on time. Borrowers tend to only look at the monthly payment of each plan, meaning they may not make the best solution for their repayment in the long term.
Borrowers tend to have a hard time understanding exactly where they're at in the loan process itself. With this loan repayment timeline, students can see where they stand, and how Nickels can help them in the future.
A lot of users wonder, "What happens if I make an additional payment on top of my monthly loan payments?" The Nickels Payment Manager lets users see how increased or one-time payments will effect loan progress in the future. Nickels can also monitor a user's bank account and notify them if they're running low on funds that month.
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