FutureFuel Review: Save $326 Per Month on Student Loans (2024)

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What would you do with extra cash put back in your pocket each month? Because that’s what FutureFuel.io claims to do for those who hold student loans.

I enjoy saving money just as much as making money these days, because it’s like double-dipping into the financial pot. When you make an extra $300and save $300 in one month, that’s a total of $600 more in your budget. For some people, that’shuge!

Let’s acknowledge for just a moment how hard it can be to save money. The bills come at the same time every month, yet sometimes it just doesn’t seem like there is enough to put towards savings.

Couponing and cutting out the extras in grocery shopping are great ways to help you save. However, are they enough to help you get out of debt?

Especially that pesky student loan debt!

Does this sound like you? It certainly sounds like me. Considering my student loans and having to configure them into my monthly expenses makes me grit my teeth each time. The amount that I could be saving just in the interest alone is appalling.

Thankfully, there is a way to help you get your student loans under control. It’s a company called FutureFuel.io and it promises to help you start the account you need to start saving money on your student loans.

What is FutureFuel.io and is it Legit?

The first thing that came to my mind when I heard of this firm was, “Is FutureFuel.io a scam?” It’s true; I find it challenging to trust a company that is new. So, I did some research.

FutureFuel.io offers a variety of services when it comes to student loans. These services range from refinancing loans to consolidating loans and interest reduction.

The mission of FutureFuel.io: “In partnership with employers, we are revealing a new path to prosperity and a (student) debt-free America.”

When switching to FutureFuel.io, the average borrower saves $326 per month. I don’t know about you, but saving nearly $4,000 a year sounds like a plan to me. What could you do with the extra savings?

Related: How to Get Paid to Go to School

FutureFuel Review: Save $326 Per Month on Student Loans (1)

Pros of FutureFuel.io:

Futuristic goals in mind;
Can help with the current student loan debt crisis in the United States;
Desires to assist customers with getting out of debt in the best way possible.

Cons of FutureFuel.io:

Small company that is still learning to navigate the ins and outs of their business and continuously implementing active change.

Related: How to Move Out at 18

How Does FutureFuel.io Work?

By first connecting your student loans to FutureFuel.io, you can then establish what kind of repayment option works best for you and your budget.

To make it even easier to track, you can download FutureFuel.io’s app and see all your loans in one place. It even helps you choose where to direct those extra funds in your wallet.

1. Sign up for a free account and connect your loans

Signing up for an account is easy, quick, and free to do. You’ll be asked to fill in five boxes: first name, last name, email, phone number, and create a password.

2. Take advantage of FutureFuel.io’s money saving features

When you look at your statement from your student loan account, do you notice the small section where it shows you how much interest you are accruing each month?

This interest rate is typically a high amount and makes paying off your student loan debt even more challenging. Basically, your loan amount goes up each month and the payments you make go towards interest first before going to your principal balance. Unfair, right?

Paying off your student loan sooner rather than later can save you thousands of dollars in the long run. FutureFuel.io has many features you can look into to help you get on the path to paying off your loan faster to save you money.

RoundUp: This feature from FutureFuel lets you pay down your debt by using your spare change. Like Acorns, FutureFuel rounds up the change to the nearest dollar on purchases you make. Remember, the interest is paid first before the principal balance so the more you can pay now, the less you’ll pay in interest later.

Reassess: Find out the right repayment plan for you from income-based repayment plans to public service loan forgiveness.

Giveback: With purchases made by customers, FutureFuel has partnered with over 450 brands to give back to the community by paying back a portion of your student loan debt. Install the Google Chrome extension for free and every time you make a purchase using one of the brands, up to 30% cash back is applied to your student debt.

Refinance: Get pre-qualified from 10 lenders in minutes without hurting your credit score.

Roll Up: Roll Up is another feature offered by FutureFuel allowing you to manage all of your student loans in one place. This includes private and federal loans on one screen.

Related: Rakuten Review: Can You Realy Earn Cash Back While Shopping?

3. Check out additional resources to save on student loans

FutureFuel.io is dedicated to your savings and the future of our economy. Check out their resources on their blog where you can find information about loans for bad credit, student loan forgiveness, and refinancing reviews for 2020.

Related: 10 Cheap Ways to Live

How Do I Know if FutureFuel.io is Right for Me?

We are all trying different ways to save money each month to help us meet our long term goals, find financial stability, and be free of as much debt as possible. All of the ways to save money are possible, but the biggest money hog is hands down student loans.

Convinced yet to join FutureFuel.io? It doesn’t hurt to try to see all your options when it comes to student loan financing and how you can save money for your future. The next step in your decision-making process is to sign up with FutureFuel and activate the RoundUp feature. Then, check out the options to refinance and save even more money on your loan interest.

Knowledge is power. The more knowledge you have about your repayment options, the more power you have when it comes to paying back with an option that is right for you.

Related: When Is the Best Time to Buy Tires (to Save the Most Money)?

FutureFuel Review: Save $326 Per Month on Student Loans (2024)

FAQs

What is the new save plan for student loans? ›

The Saving on a Valuable Education (SAVE) Plan is the newest income-driven repayment (IDR) plan. Like other IDR plans, the SAVE Plan calculates your monthly payment amount based on your income and family size. In addition, the SAVE Plan has unique benefits that will lower payments for many borrowers.

Is student loan forgiveness real or fake? ›

No one can get you into loan forgiveness programs you don't qualify for or wipe out your loans. Use your FSA account dashboard to see which programs you might be eligible for. Never pay an upfront fee. It's illegal for companies to charge you before they help you reduce or get rid of your student loan debt.

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Who qualifies for the save program? ›

Who is eligible for Save? People with federal loans made directly by the government for their own education are eligible for the plan, as well as those who consolidate their loans from the defunct Federal Family Education Loan Program. However, people with Parent Plus loans are shut out of the new plan.

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Is the save plan worth it for student loans? ›

While the SAVE Plan is a good option for most borrowers, it's not the best option for everyone. If you're trying to pay your loans off in a shorter period of time or if you're aiming to pay only a certain amount over time, then the SAVE Plan may not align with your repayment goals.

What is the downside to the save plan? ›

But the SAVE Plan has some limitations: The plan doesn't have a cap on how high payments can be, so some people with incomes that are high compared to their loan balance would pay more on the SAVE Plan than they would on the Standard Repayment Plan.

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What are the negatives of the Save Plan student loans? ›

Potentially Not as Beneficial for Grad Borrowers

On the SAVE plan, payments on graduate school loans will be calculated as 10% of your discretionary income. That's not any lower than what some other income-driven plans offer. And depending on your loan balance, you could still end up in repayment for up to 25 years.

Which student loans are automatically forgiven? ›

Borrowers with undergraduate debt would qualify for forgiveness if they entered repayment 20 years ago or more, and borrowers with graduate school debt would qualify for forgiveness if they entered repayment 25 years ago or more. Cancel student debt for borrowers previously enrolled in low-financial-value programs.

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Does student loan forgiveness hurt your credit? ›

Generally, when a student loan is forgiven, it shouldn't impact your credit in a negative way. As long as your loans were in good standing at the time they were discharged and your accounts are being reported properly to the credit reporting bureaus, you won't see a huge difference in your score.

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Has anyone received student loan forgiveness money yet? ›

“As of today, we have approved loan relief for nearly 3.9 million borrowers who were counting on the Biden-Harris Administration to fix the broken student loan system and provide the forgiveness they earned and have been waiting for,” said U.S. Under Secretary of Education James Kvaal.

How do I know if I qualify for save forgiveness? ›

President Joe Biden recently announced that he was canceling federal student loans for nearly 153,000 borrowers enrolled in the plan, known as the SAVE plan. Forgiveness was granted to borrowers who had made payments for at least 10 years and originally borrowed $12,000 or less.

What is the Save Plan for student loan forgiveness 2024? ›

[2] As of February 2024, borrowers who borrowed $12,000 or less will receive forgiveness after making the equivalent of 10 years of payments (a 10-year repayment term). For borrowers who borrowed more than $12,000, the repayment term is one year longer for every $1,000 above $12,000 borrowed.

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What is the $0 payment on the Save Plan? ›

Under the SAVE Plan, single borrowers who earn less than $32,800 per year or those in a family of four making less than $67,000 have a $0 payment. The SAVE Plan also ensures that a borrower's balance will never grow due to unpaid interest as long as they are making their monthly payments.

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Do student loans get forgiven after 20 years? ›

Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones. ED will continue to discharge loans as borrowers reach the required number of months for forgiveness.

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Will my loans be forgiven under the save plan? ›

All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed as a student to attend school, not what a borrower currently owes or the amount of an individual loan.

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What are the changes in the Save Plan July 2024? ›

Other major changes will take effect in July 2024. Payments on undergraduate loans will be capped at 5% of discretionary income, down from 10% now. Those with graduate and undergraduate loans will pay between 5% and 10%, depending on their original loan balance.

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What is the Save Plan for July 2024? ›

The Saving on a Valuable Education (SAVE) Plan includes additional benefits that will go into effect in July 2024. These additional benefits will likely reduce payments further for many borrowers and make it even easier to manage repayment.

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