Today, we’re excited to announce that we’re building Pillar — a first-of-its-kind platform that helps people manage, pay off, and save money on their student loan debt.
With Pillar, managing your student loans has never been easier. Pillar aggregates all of your student loans in one place. It analyzes your loans, income, and spending to determine the fastest way to pay down your debt. Pillar’s algorithms constantly factor in new information and provide you with personalized recommendations that are tailored to your unique financial situation. Pillar then automates the payment and management process so you don’t have to worry about keeping track of the loan on your own.
Pillar was born out of a personal frustration. My wife graduated from law school with over $300,000 of debt. Soon after she graduated, I started at Stanford Business School, where I planned to take on another $250,000 of student loans. We spent weeks researching how we were going to pay those loans back. We read dozens of blog posts and articles, created complex spreadsheets, and talked with a few financial advisors. We struggled to find a way that was right for our unique financial situation and goals.
I experienced the same problem that millions of other borrowers face each day. Student loan debt is the second largest type of consumer debt. 45M borrowers in the United States owe more than $1.5 trillion in student loans. 7 out of every 10 students take out loans to pay for college, and the average person graduates from school with over $30,000 of debt, which takes them 20 years to pay off. Women, who own two-thirds of all student loan debt, are disproportionately impacted due to the gender pay gap. They borrow more and earn less, so it takes them over two years longer to pay off their loans.
Managing student loan debt is a struggle. The repayment process is difficult to understand, time-consuming to manage, and easy to get wrong. Legacy student loan providers are financially incentivized to keep people in debt, and unfortunately consumers have little to no choice in the matter.
The student loan debt crisis is one of the biggest challenges facing our country today. Rather than add to the problem, I dropped out of Stanford to help solve it.
Pillar isn’t a loan provider or refinancer. We don’t make money by charging you interest on your loans. We’re an automated debt management platform where the borrower always comes first, so we can help people get out of debt faster and keep more of their hard-earned dollars.
Our team has been hard at work over the last few months building Pillar. We’re excited to share that the Pillar iOS & Android apps are now live and available for download in the App Stores. Both apps are completely free to download and use.
For now access is first come, first serve, but we’ll be onboarding users beginning this summer.
Want to know more about what we’re building? Have questions about your student loans? Feel free to reach out firstname.lastname@example.org. I’d love to chat.