MyLoans
MyLoans.ai is an AI-based tool focused on assisting graduate students to navigate their loan repayment process with confidence. Serving as ...
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What is MyLoans?
MyLoans.ai is an AI-powered platform that provides instant, personalized guidance for complex student loans, specifically designed for current and former graduate students. The tool helps borrowers navigate the confusing student loan repayment landscape by offering an AI chat assistant that answers any student loan question, from basic queries to complex scenarios. Users input their financial details including income, total federal loans, average interest rate, and family size to receive customized repayment plan comparisons and guidance.
The platform's key feature is a free loan repayment calculator that compares the SAVE plan (the flagship income-based repayment plan from the U.S. Department of Education) against the Standard plan. The AI processes questions instantly and provides clear, accurate answers backed by official government sources without the confusing jargon. MyLoans.ai has already helped over 10,000 borrowers and identified more than $120 million in potential savings, with users rating it 4.9/5.
MyLoans.ai is specifically targeted at graduate students including those in medical, dental, and other professional schools who typically carry significant loan debt. The tool serves as an AI consumer advocate independent of loan servicers or government entities, eliminating the need for expensive advisors. The platform is free to use with no personally identifiable information collected or retained, making it accessible to anyone navigating federal student loan repayment.
The website emphasizes simplicity through its 80/20 approach, comparing only the two most relevant plans initially while planning to incorporate more plans over time. Users can access demo data to test the calculator, email questions to [email protected] for assistance when unsatisfied with AI answers, and receive tailored insights that make student loan management straightforward and digestible.
MyLoans pricing
Pricing model: Free
MyLoans.ai is completely free to use. The platform offers a free AI chat assistant and free loan repayment calculator with no paid tiers mentioned. No personally identifiable information is collected or retained. Users can access demo data to test the calculator without creating an account. The service is available without any subscription fees or premium plans.
MyLoans pros
- Free AI guidance without expensive advisor costs
- Instant personalized answers to any student loan question
- Backed by official government sources for accuracy
- Specifically designed for graduate students
- Over 10,000 borrowers already helped
- Identified $120M+ in potential savings
- 4.9/5 user rating from borrowers
- No personally identifiable information collected or retained
- Simple three-step process: ask, get answers, make decisions
- AI chat assistant handles basic to complex scenarios
- Free loan repayment calculator with personalized insights
- Clean, intuitive interface that's easy to navigate
- Live chat support for immediate assistance
- Independent advocate not tied to servicers or government
- Demo data available to test the calculator
- Saves time compared to tedious government website research
- Translates complex loan jargon into clear actionable advice
MyLoans cons
- Only compares SAVE and Standard plans initially, not all repayment options
- Primarily focused on graduate students, not undergraduate borrowers yet
- US federal loans only, does not handle private loans
- AI answers may occasionally be unsatisfactory requiring email support
- Requires users to calculate weighted average interest rate manually
- No income limits for SAVE plan eligibility but users must verify themselves
- Tax Bomb on forgiven debt resumes in 2026 but calculator may not fully account for this
- Still in early stages before official launch
- Limited to federal student loan repayment plans currently
Frequently asked questions about MyLoans
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 2023 and phases in gradually through July 2024. Borrowers can sign up now. The plan is designed to make payments more manageable based on income and family size.
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. This is the traditional repayment approach without income-based adjustments.
Why does this site only compare those two plans?
In the spirit of the 80/20 rule, MyLoans.ai chose the two most relevant plans to compare. The platform plans to incorporate more plans as time goes on to comprehensively round out the solution, but will do it in a way that clarifies rather than confuses borrowers.
Who is eligible for the SAVE plan?
Most student loan borrowers are eligible for the SAVE plan. There are no income limits. Eligibility details are shown under the heading 'Which Loans are Eligible' on the Department of Education website. The plan is designed to be accessible to a broad range of borrowers.
What is the Tax Bomb?
There is a law that forgiven student loan debt is considered taxable income. This means if you're a borrower with $100K of loans and choose the SAVE plan making 25 years of required payments, you will subsequently be liable for paying up to an additional $37K to the IRS. Pandemic-era regulation temporarily paused this statute, but it goes back into effect starting in 2026. The actual amount due will vary depending on your tax bracket and how much of the loan was forgiven.
How do I find and 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. There are resources available that include calculators and detailed instructions. If you don't want to bother signing in to your servicer and doing the calculation, you can estimate for the time being. Student loans are usually in the range of 4-8%, so you can test a few numbers in that range to get a sense.
What should I put for my family size?
The central question is: do you file taxes jointly with your spouse? If you do, 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.
What information do I need to provide to get loan guidance?
You need to provide your income, total federal loans, average interest rate, and family size to receive personalized guidance. No personally identifiable information is collected or retained by the platform.
What if I'm not satisfied with the AI's answer?
You can email your question to [email protected] for additional assistance. The team will be happy to help you get the answers you need. MyLoans.ai is constantly improving their chat system based on user feedback.
Who is MyLoans.ai designed for?
MyLoans.ai is an AI-based tool focused on assisting graduate students to navigate their loan repayment process with confidence. Serving as an AI consumer advocate, it is designed to help both current and former graduate students embark on a smoother financial journey. The platform currently focuses on graduate borrowers but aims to expand services to undergraduate borrowers in the future.