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A new app says it can save you $14,000 in student loan interest costs with the spare change in your pocket
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More than half of students in the US use loans to pay for their tuition and other higher education costs.
Total national student loan debt tops $1.4 trillion and students are feeling the pressure.
ChangEd is a student loan payment app that rounds up your credit and debit card purchases and collects the spare change to put toward loan payments.
With just a little spare change every day, you can save a surprisingly large amount of interest costs and time off your repayment term.
The cost of higher education has only climbed over the years, so it's no surprise that millions of people turn to student loans to finance at least a portion of that cost. According to the Federal Reserve, 53% of those who completed at least a bachelor's degree acquired at least some debt in the process and the mean level of student debt in 2016 was $32,731 while the median was $17,000.
This burden is so daunting and stressful that recent surveys found people preferred loan repayments as gifts over material items during the holiday season. When many people are still paying back student loans well into their 40s and 50s, you have to wonder whether there are any ways to speed up the process and make it just a little easier.
ChangEd is a new app that says it can take six years off your repayment term and save you $14,000 in interest costs — all with a bit of spare change.
If you think this sounds too good to be true, keep reading to learn more about ChangEd's approach to relieving your student loan debts.
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