College students and alumni are struggling to pay off their student loans. The current economic climate is making it more difficult for them to make their loan payments, and the existing solutions are not meeting their needs.
Some of the challenges that students and alumni face include:
As a result of these challenges, many students and alumni are putting off paying off their student loans. This is a mistake, as student loan debt can have a significant impact on their financial future. For example, student loan debt can make it difficult to buy a home, start a business, or save for retirement.
There is a need for new and innovative solutions to help students and alumni pay off their student loans. These solutions should be affordable, flexible, and easy to use. They should also be designed to help borrowers understand their options and make informed decisions about their loans.
Tabu is a student loan management service that helps borrowers pay off their loans faster and build credit. The company's mission is to reduce financial insecurity and put borrowers back on the path to financial stability. Tabu does this by automating the tedious process of checking loan balances and making payments, and by providing borrowers with personalized advice and support.
Gen Z is diverse and tech-savvy, so Tabu should be:
My empathy process helps me understand users from their perspective, and I use this to design solutions that delight them.
I interviewed 22 NYC college students and alumni about their student loan debt. The majority of them attended public colleges and had between $25,000 and $35,000 in debt. Their answers helped me understand their challenges and habits related to student loan debt.
Student loan debt is a major financial burden for many college students and alumni. They often struggle to make payments while juggling other expenses like food, transportation, and childcare. This can be a very stressful and overwhelming experience.
I conducted a survey of students and alumni to learn more about their experiences with student loan debt. I found that many students were not aware that student loan debt can be used to build credit. This is important information, because good credit can help students get approved for loans and other forms of credit in the future.
I also found that students are more likely to pay their loans if they see that they're making progress. This is why it's important for students to create a budget and track their progress. It can also be helpful to set small goals, such as paying off a certain amount of debt each month.
I sat down with my notes from the conversation, eager to learn more about the problem my users were facing. I started by translating their answers into point of view statements, which helped me to understand the problem from their perspective. I created four point of view statements, each of which gave me a better understanding of how my users thought about the problem. This research gave me the insight I needed to synthesize user needs into meaningful problem statements.
Based on the POV statements, I created 4 problem statements that were actionable, insightful, unique, narrow, meaningful, and exciting.
I understand that asking taboo questions is essential to understanding people and their needs. These are the questions that people don't like to speak about because they are stressful or uncomfortable. However, these are also the questions that can provide the most valuable insights into how people think and feel.
I also reminded myself that asking taboo questions is not about being nosy or intrusive. It's about understanding people so that I can design products and services that are truly useful and helpful. By asking taboo questions, I gained a deeper understanding of the people's needs and wants, and I can use that information to create a sound user experience that make people's lives better.
Armani represents a majority of students who strives for a successful New York Dream before the age of 30. Some of her goals are to tap into her creative nature via a youtube channel and monetize it in hopes that one day it may become her full-time job. Her main pain points revolve around struggles with saving money. Armani goes through the same issue most college borrowers go through during the first 4-5 years after college.
Natasha resembles the strong dedicated woman who pursued her undergraduate and graduate degrees in one run. All while simultaneously building a family. Natasha's main struggles are like many in their mid-20s. She'd like to buy a family home, create a college fund for her kid and explore the world while she is still young.
Ariel represents the Gen-Z generation. A young socialite who is curious to learn more about staying independent while building a future for himself. Is open to trying new tools that pique his interest and earn his trust.
I learned that many people felt stressed, overwhelmed, and anxious about their student loans. They were worried about how they were going to pay off their debt, and they were concerned about the impact that their loans would have on their future.
I also learned that people often received conflicting advice about student loans. Some people told them to focus on paying off their loans as quickly as possible, while others told them to focus on building their credit score. This was confusing and frustrating for people, who didn't know which advice to follow.
Finally, I learned that people had different preferences when it came to getting information about student loans. Some people preferred to read news articles or financial blogs, while others preferred to talk to a financial advisor or a close relative who had paid off their loans.
I translated all the insight above into "how might we" statements in order to identify how we'll address the problem in the discovery phase.
Based on all the information and insight I gathered below. I was able to synthesize my research into potential features that may solve the problem for users.
During the ideation phase, I focused entirely on creating a high-fidelity prototype to analyze user behavior and prioritize functionalities. I also attempted to summarize a product vision while selecting a tech stack that may help align with the goals set.
During this phase I contributed to:
Once I configured the right features, I set up a meeting with developers to conduct a swift report on the feasibility and constraint of this project. Once I was able to clear all the features, I began the ideation phase.
Before I got into the designs I drew up an IA, and flow diagram followed by a few written mockups to give me direction on where to go during the sign-up/log-in process alongside linking student loans.
My engineers will be installing an API to have student loans synced onto the platform. Henceforth, I created the proper framework based on the documentation given to me as to what information the API must pull to give users the ability to gain access to their student loan debt. The requirements were as follows:
The API documentation provided the proper signup details required to make it seamless. We used Gmail and Apple as an API to help users sign in faster once they created an account on the app.
Once users sign in. They will have to complete a series of in-app logins to get full use of the app. The type of log-ins are as follows:
I knew that it was important to make the onboarding process as easy as possible, while still providing a high level of security.
After several iterations, I came up with a solution that I was happy with. The onboarding process now consists of just three steps:
I avoided adding other long UI flows, such as bank sign-up or loan service sign-up, because I wanted to focus on getting users to create their account and get to the main dashboard as quickly as possible. I also knew that many people do not know their student loan account details by memory, and may require some time to find that information. By leaving that process away from the onboarding process, it ensures users will not abandon the app upon sign up, simply because they're struggling to get past the student loan service log in process. Take a look at how users create an account with Tabu.
Once users get into the dashboard. They will have the option to sign up to refinancing, fundpool, auto debit, and round up.
I made sure that the tool was easy to use and understand, while still providing accurate and helpful information.
I started by designing a clean and simple interface. I wanted to avoid cluttering the screen with too much information, so I only included the most important details. I also made sure to use clear and concise language, so that users could easily understand what the tool was telling them.
One of the most important features of the tool is the ability to project how long it will take to pay off student loans. I calculated the projections based on a number of factors, including the amount of debt, the interest rate, and the monthly payment amount. I also made sure to include a disclaimer that the projections are subject to change, depending on how much money is on auto-pay and how much roundup spare change accumulates month over month.
I was also tasked with making it easier for users to make direct payments on their student loans. I knew that many people found the process of logging into the FAFSA website to be time-consuming and frustrating.
I decided to use the Spinwheel API to integrate a direct payment gateway between Tabu and hundreds of student loan servicers. This would allow users to make payments directly from Tabu, without having to log into any other websites.
In order to do this, I first had to take a close look at the Spinwheel API documentation. I spent a brief time understanding the process documentation and designing Tabu's loan service flow according to the details shared in the API documents.
Once I had a good understanding of the API, I was able to integrate it into the app. This process was relatively straightforward, and it only took a few days to complete, thankfully.
I realized that debt isn't something that people like to handle manually, but will rather see it being chipped away in the background. This way, they can focus on the more important things.
The auto-debit feature is easy to set up. Users simply need to enter their bank account information and choose how often they want to make payments. They can choose to make payments weekly, bi-weekly, or monthly.
Once the auto-debit feature is set up, payments will be made automatically on the selected schedule. Users can rest assured knowing that their student loan debt is being taken care of, and they can focus on other things.
The round up feature was designed to help users pay off their student loan debt more quickly. The way spare change works is that it rounds up your purchases to the nearest dollar and then deposits the difference into your student loan account. For example, if you buy a coffee for $2.75, Tabu will round up to $3 and deposit $0.25 into your student loan account. You can also increase your round up multiple by 2x, 3x, or 5x. So, if you choose a 2x multiple, Tabu will round up your purchases to the nearest $2 and deposit the difference into your student loan account. Spare change is a great way to pay off your student loan debt more quickly without having to make any changes to your spending habits.
Once the amount of roundups accumulate to $50, Tabu will transfer the funds through the student loan payment portal and make a direct payment, automatically. Think of this as a second monthly payment that you're making towards your student loans.
As you adjust your max spare change amount, you can view how it impacts the timeline of your loans, in real time. How beneficial is that? See the (Dash - Adjust spare change) screen below:
I designed this feature because roundups are quite volatile for a given user, especially if their loans are significantly different from another borrower. That some months may be better or worse than the last. "Impact on loans" measures the number of roundups recurring for a specific borrower and will provide insight as to how it lessens or increases the longevity of the loan balance outstanding.
I designed a feature that required machine learning to implement. I designed this in order to help Tabu track how people spend money, and give them advice on how to reduce their spending at certain stores so they can pay off their debt faster.
I was excited to add income-driven repayment plans to the paid plan of our app. Loan borrowers love these plans because they give them time to save and eventually increase their loan payment amount in the future. I wanted to provide borrowers with an all-in-one solution, so I knew I had to focus on security measures.
I knew that a KYC process would have to take place before borrowers could accept any payment method. I drew up a KYC process that required users to:
Once the KYC process was complete, borrowers could then select their income-driven repayment plan. They could also view their loan balance, make payments, and track their progress.
I was tasked with designing a user-friendly way for borrowers to select from a range of repayment plans and answer a list of questions. I knew that I had to make the process as easy and engaging as possible, so that borrowers would not get bored filling out the application.
I started by breaking down the process into smaller steps. I then created clear and concise instructions for each step. I also made sure to use clear and simple language, so that borrowers could easily understand what they were being asked to do.
I also made sure to use visuals to help borrowers understand the process. I created charts and graphs that showed the different repayment plans and their associated costs. I also created videos that explained the different repayment options in more detail.
Finally, I made sure to test the application with borrowers. I got their feedback and made changes based on their suggestions.
As a result of my efforts, I was able to create a user-friendly IDP (income driven plan) experience that made it easy for borrowers to select from a range of repayment plans and answer a list of questions. Borrowers were able to complete the application quickly and easily, and they were satisfied with the overall experience.
I knew that borrowers would be hesitant to fill out an application if they thought it would take too long. So, I decided to calculate the average time it took to complete the application and display that information on the front screen.
I found that the average application took about 10 minutes to complete. I then added a disclaimer to the front screen that said, "The average application takes about 10 minutes to complete."
This simple disclaimer made a big difference. Borrowers were more likely to fill out the application when they knew it wouldn't take too long.
Credit boost helps users see how student loan repayments affect their credit score. It gives them an overview of all of their loans along with credit changes and how they improved credit performance.
Adding this feature made the process of student debt payments more gamifying. By seeing their debt being paid down by rounded-up spare change, auto deposits, and refinancing, they get to see how it also dramatically improves other areas in their financial life like credit building.
During the interviews, borrowers hated the design of the first iteration. Many said that it doesn't feel like a marketplace, they won't shop on this app and some even called this feature, unattractive.
I decided to ask my users for feedback. I asked them, "How can I make this feature more appealing?"
The overall response from my users was to make the feature feel like a marketplace. They said that they would be more likely to use the feature if it felt like they were shopping for something.
Once I designed Iteration 2, I showed it to my users. They were fascinated by how it looked. They said that it made the feature feel more like a marketplace and that they were more likely to use it.
This design gained the majority vote from interviewees. I continued to expand on this feature to ensure that it fits well to Tabu's loan management experience.
I had the pleasure to design "Tabu for Employer" to help companies offer a student loan match contribution plan as a company perk to their employees. I did not expand on the "Employer" case study in order to keep the overall length to an appropriate time frame. Here is a glimpse of it:
I believe that building an app with the users' feelings in mind dramatically improves the chances of launching the right product to the market. This is because users are more likely to use and stick with an app that they feel emotionally connected to.
After I finished designing the Tabu application, I was able to pitch my startup idea at a pitch competition. I won 2nd place and received extra funding to help bring my idea to life.
During the pitch competition, I realized that my audience is everywhere. Moms, entrepreneurs, and almost everybody has student debt. This made the challenge even more meaningful to me. I knew that I was creating something that could help people.
I was thrilled to be accepted into one of the top fundraising cohorts in the nation with Tabu. I was mentored by investors from Backstage Capital, Y Combinator, and other prestigious VC firms. I was able to ask them questions about my product and get advice on how to best enter the market.
I learned a lot from my mentors. They taught me that my design is always subject to improvement and that as my audience evolves, so will my product. They also taught me the importance of networking and building relationships with investors.
I am grateful for the opportunity to have been a part of this cohort. It has helped me to grow as a designer and entrepreneur.
