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MyLoans.ai – Found $20B Error in Education Dept. Student Loan Simulator

Hacker News

MyLoans.ai – Found $20B Error in Education Dept. Student Loan Simulator

We've launched MyLoans.ai to tackle a huge problem: making it simpler to understand and choose your optimal student loan repayment plan. The Department of Education's loan simulator is flawed in a way that negatively impacts graduate students to the tune of $20 billion, leading to borrowers potentially overpaying sometimes up to over $100K on their student loans. Our analysis shows that inaccuracies in the income-based SAVE plan calculations could cost graduate borrowers significantly over 25 years. MyLoans.ai offers a calculator with the flaw removed, in order to help borrowers navigate their repayment options more effectively. The aim is to correct these costly errors and ultimately bring clarity to student loan management. Discover how we're addressing this issue and join the conversation on improving financial tools for millions. Feedback and insights are welcome as this is our first startup!

Visit product View on Hacker NewsFeb 16, 2024

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31%31% predicted probability of success on Hacker News, based on ML models trained on real launch data.

nativeThis product was originally launched on this platform.

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Correct prediction on native model

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