An App that Helps You Pay Off Your Student Loans

The ChangeEd app is set out to offer a fresh and innovative solution to solving the student loan crisis. It does so by taking every penny into account.

Rounding Up Expenses

The ChangeEd app helps address your student loan worries by shortening the repayment period and clearing your debt sooner, as a result. And it’s technique to achieve that is pretty rudimentary in application but effective in the long term. It lets you round off your purchases to the subsequent dollar and use the spare money for student loan payment. The idea behind this is making it easier for you to keep aside some extra money every month. This rounding off can easily amount to $30-$50 each month, which is no spare change. To offer you some perspective, $50 a month can easily save $10,000 approximately if you’re on a 25-year repayment arrangement for a $37,000 loan.

Processing

The ChangeEd app approach works because it’s new and easy to implement. Rounding off transactions is barely noticeable, which means you won’t feel like having paid extra money. This technique comes in quite handy if your loan payments are automatic. To get the app to work, you must link your bank account and student loan to the ChangeEd app. Every time your transaction hits $5, the app transfers the sum to ChangeEd-controlled bank account. And when the transferred money piles up and becomes $100, it is moved to your loan processor as extra payment.