Student loan debt is now the second highest consumer debt category according to Forbes. Right after a lofty mortgage many consumers are paying high interest rates on large student loans. Even students with well paying jobs complain of high student loan payments and not much way around it.
Who created ChangeEd?
Nick Sky and Dan Stelmach are brothers who made it their mission to attack student loan debt head on. They created ChangEd to help student loan borrowers manage their loans more effectively. According to their website, ChangEd makes paying off your student loans effortless by rounding up your everyday purchases to the next dollar and setting aside your spare change for principal payments. This simple change can save up to $10,00 in interest over time according to ChangEd creators Nick and Dan.
Many millennials find themselves staying at home longer or being forced to live with a roommate in order to make ends meet. The average undergraduate has $23,000 in student loans and the number is even higher for students who pursue masters, doctorates and more advanced degrees.
Nick and Dan, the creators of ChangEd understand these statistics all too well. Their own battle with student loan debt led to their research into the topic and ultimately the creation of the app.
How does it work?
ChangEd connects securely to your bank account. The technology will then determine your spending habits and transfer the change left over from your purchases to your FDIC insured ChangEd account. When the balance on that account equals $100, the app sends a payment to your loan provider automatically. It’s that simple! The app even allows to view your loan payment progress on your ChangEd dashboard.
For most people student loan debt is a part of life, but you don’t have to make it complicated. Visit gochanged.com to learn more about how you can use this tool to kickstart your loan payoff journey.