Snowball Wealth Review: Free Student Loan Analysis And Planning

Managing your student loan debt as efficiently as possible can be a challenge. Without the right plan in place, you could be missing out on the opportunity to save thousands over the course of your student loan repayment journey.

Snowball Wealth is here to help you create a streamlined plan for your student loans. With the help of this service, you can get your student loans under control so that you can start saving and investing for your future. And the best part is that this service is absolutely free. 

What Is Snowball Wealth?

Snowball Wealth was created by three first-generation college grads. Through their experience repaying student loans while working at companies like Goldman Sachs and Google, these three women realized that many borrowers don’t take the most efficient repayment approach.

With that in mind, the co-founders of Snowball Wealth decided to create a tool that could help student loan borrowers. The mission of the company is to give borrowers the tools, resources, and opportunities to make meaningful progress towards their financial goals. 

What Does It Offer?

So how can Snowball Wealth help you? Here are the features to keep in mind. 

Free Loan Analysis

After you sign up and sync your accounts, the company will analyze your debts. The end result of this analysis is that you learn how long it will take to repay your student loans. You’ll also see how much your current repayment strategy will cost.

Although you could figure these numbers out by yourself, it’s nice to have a helpful app run the numbers for you. 

Student Loan Planning Based On Your Goals

Once the loan analysis is complete, you’ll tell Snowball Wealth a little bit more about your goals. You’ll have two choices to choose from:

Customized Refinancing Suggestions

If refinancing is a good option for your situation, Snowball Wealth will send some suggestions your way. Based on many customer reviews, most are happy with the refinancing suggestions.

It’s worth noting that you can find student loan refinancing suggestions in multiple places including here at The College Investor. But Snowball Wealth’s clean interface is a worthwhile place to explore your options. 

Proven Opportunities For Big Savings

According to the Snowball Wealth website, the company has been able to save users an average of $6,000 on their loans. That is a major saving to consider, especially when you factor in the absolutely free cost of this tool. 

Are There Any Fees?

No, Snowball Wealth doesn’t have any fees for their services.

If you’re wondering how they make money, the company is upfront about it on their website. Essentially, they earn a small commission every time a borrower chooses to refinance with a partner they recommend. 

How Do I Contact Snowball Wealth?

You can contact Snowball Wealth in a variety of ways. First, you can connect with the team through a chatbox on their website or email them at hello@snowballwealth.com.

If you want to connect via social media, there are four options:

• Facebook: @asksnowball
• Twitter: @asksnowball
• Instagram: @asksnowball
• Join the Snowball Wealth Slack community to discuss money moves and resources.

Although there is no customer service phone number, you’ll have multiple ways to get in touch.

Customer Service

It’s difficult to say what kind of service you can expect from Snowball Wealth as there are very few reviews to be found online. Currently, only one customer has reviewed the company on Trustpilot and it doesn’t yet have a page on the Better Business Bureau.

How Does Snowball Wealth Compare?

Snowball Wealth is not a direct lender that can help you complete a student loan refinance. However, it can point you in the direction of an appropriate student loan refinancing company.

There a few companies that can help you find the right refinancing option. One of our favorite lender marketplaces is Credible. You can read our full review here>>>. But Credible lacks the platform that Snowball Wealth has created to show the big picture view of your student loan repayment strategy. 

If you’re looking for a platform that also offers document preparation for federal student loans, LoanBuddy could be a great option. It can prepare your required documents for your repayment plan and PSLF, track your PSLF-eligible payments, and much more. Here’s how Snowball compares:

How Do I Open An Account?

Ready to open an account with Snowball Wealth?

You can start the short process by clicking the Sign up button in the upper right-hand corner of its website homepage. You’ll be asked to create a free account with your first name, email address, and password.

Once the account is created, you’ll be asked to enter the details of your loans. With that, it is a good idea to have your loan information handy to sail through the process quickly. From there, you can start to take advantage of everything Snowball Wealth has to offer. 

Is It Safe And Secure?

Snowball Wealth takes steps to protect your personal information. As such, the company uses bank-level encryption to protect your personal data. If the company runs into any red flags, they will let you know as soon as possible.

Additionally, the company says that it doesn’t sell your personal information or share it with third parties. With that, you won’t have to worry about a barrage of spam emails coming your way just for signing up. 

Is It Worth It?

Snowball Wealth is a useful tool for anyone that’s not quite sure how to tackle their student loans. If you want to create an efficient repayment plan, Snowball Wealth can help you.

The free tool helps you create a plan without wondering if you could have saved even more money. You’ll find the absolute best options available for your situation with the help of this free platform.

However, if want help with staying on top of your federal repayment plans, LoanBuddy might be a better option. And if you’re looking for personal consultations with human advisors, you may want to consider Student Loan Planner instead.

Of course, if you aren’t comfortable sharing the details of your loan, then working with Snowball Wealth isn’t a good option. Remember, you can always use our guide to compare refinance lenders on your own.

Snowball Wealth Features