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As President Joe Biden made it final that the temporary student loan relief is coming to an end, student loan repayment is resuming for 40+ million borrowers on February 1, 2022. If you are one of these student loan borrowers and read this title, you may be intrigued or confused but you need to keep reading if you’re serious about eliminating your student loans or wanting to help someone eliminate their student loan debt.
Student loans are probably one of the most challenging financial events in one’s life. You were more than likely in your early 20’s making large financial decisions with some doubt of how you were going to get through years of college and how you will land the dream job after. That’s most of us so welcome to the club!
Just as most of us are trying to figure it out, most also left college with debt. We left and we’re now in a position on how to figure out paying off this debt. Let’s also not forget you’re figuring out finding a job, saving, and working toward living a life you dreamt about.
Student loan debt comes with many emotions. We’ll start with the good ones.
Now, we’re hoping you’re feeling some type of way or at least feeling some if not all these emotions.
So how does spare change come into this and how can it help you master your debt repayment? Well, we’re here to tell you that spare change can help you pay off loans and make progress daily while you’re working toward your dreams. We have the tool, and that tool is a platform called ChangEd.
ChangEd was born by two college graduates frustrated after paying their student loans for years and realizing it was going to take over a decade to pay off. The founders Dan Stelmach and Nick Sky realized that making a monthly payment and not having a clear view on progress seemed depressing, so they set out to change it.
Let’s break it down and show you how your spare change can multiply savings for you
The idea behind it is that change can double its value by applying it toward interest bearing loans and since most of us use our debit and credit cards on a daily basis, it snowballs into time and money saving payments.
For example, if you buy a cup of coffee for $3.25 and save $0.75, that $0.75 cents can save you $0.50 in potential interest costs and .2 days off your repayment. Multiply this by your daily spending habits and ChangEd helps the average student loan borrower save 30% in interest and time off of their loan on average.
Success comes from creating good habits every day and that is the premise of what ChangEd helps borrowers do while giving you more insight into your loan repayment. ChangEd is now available today on Android and iOS. You can check it out here!
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