Nowadays, there are plenty of apps that “round up” your purchases and squirrel away your virtual spare change, like Acorns, DollarBird, and Digit. While most of these platforms put your small savings towards a savings or investing account, ChangEd is the first of its kind to allocate the money for your student loans. It’s an effortless way to pay down your debt a little faster and save on interest costs. The app has helped users pay an additional $15 million in student loan payments. Keep reading for everything you need to know about ChangEd.
ChangEd In A Nutshell
|Features||Syncs to your student loans, bank accounts, and credit cards|
Makes automatic extra student loan payments
|Maximum Payment||$100 per week|
ChangEd helps you repay your student loans sooner and can save you thousands in interest. The app accomplishes this by linking to your student loans and building a smart repayment plan that takes into account your debt and spending habits.
Simply connect your bank and credit card accounts, and ChangEd will round up your everyday transactions. Let’s say you buy a coffee for $3.50. The app will round the transaction up to $4, and the extra $0.50 will be noted.
Once your roundups reach $5, the app will transfer the funds from your bank account into your ChangEd account. And when your ChangEd balance builds up to $50, the app will send an extra payment to your student loan servicer. Other features include:
- Track transactions and view your roundups balance.
- See how your extra payments affect your student loans.
- Send additional one-time transfers of any amount.
- Pause round-ups at any time.
- Make payments on another person’s (family and loved ones) student loans.
- Contact customer support via live chat in-app and email.
On average, ChangEd claims their average user saves $70 per month and pays off their student loans four years earlier, pocketing over $4,000 in total interest costs.
ChangEd charges a flat fee of $3 a month for their services. The app automatically deducts this fee from your ChangEd balance.
ChangEd does not take over and manage your student loan repayments. You still need to make at least the minimum required payment yourself or ideally set your student loan account on autopay.
On months when you make significantly more purchases, like during the holiday season, ChangEd will pull out more money than usual. However, these are also the months when you’re less likely to afford roundups. If this is the case, make sure to pause your roundups.
ChangEd uses spare change from your everyday purchases to make additional student loan payments automatically, on your behalf. You’ll pay down your student loan debt sooner and for less.
Click here for the best student loan refinancing promotions.
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