Are you drowning in student loan debt?
If not are you at least looking to pay off your loans sooner?
Of course you are!
If you’re anything like me then those pesky student loans have been driving you crazy ever since you graduated. They sit on your shoulder like that little devil, constantly reminding you that you’ll be paying them off forever.
But maybe not anymore.
Recently, I discovered an app that can help you make extra payments on your loans and I’m in love.
The app is called ChangeEd and it’s available in both the Apple AppStore and on Google Play. The app is free to download, but once you sign up it will charge you $1 a month, a small price to pay for financial freedom.
ChangEd helps you to pay off your student loans faster by rounding up the purchases you make every day and setting aside this spare change for additional payments on your loans.
Budgeting for additional payments on loans can be hard and making extra payments above your minimum is so important (you can save upwards of $10,000 on your loans by making additional payments on a regular basis), ChangEd makes making these additional payments easy by providing an easy way to stow away some extra cash.
Honestly, I never even notice the money missing when I check my bank statements. It’s a painless way to chip away at my loans.
So how does it work?
Input the information for you loan.
Input the information for your bank account.
Spend money on every day purchases. ChangeEd will round to the nearest dollar amount for purchases and pull $1 for transfers and bill payments.
Round up your purchase and save.
ChangEd will pull those small amounts from your designated bank account and store them in a FDIC insured ChangEd account. ChangeEd will make a payment towards your loan once you have rounded up to $100.
I’ve only had the app for a few weeks and I’m already almost at my first $100.
While ChangeEd does not help you save up for big payments quickly, something is better than nothing and every little bit helps when you’re trying to pay off your loans and ChangeEd is a great, painless way to start.
Bonus: There are other apps similar to ChangEd that will allow you to make extra payments towards your consumer debt. My sister uses Qoins to help pay off her credit card faster.
If you’re interested in signing up and trying ChangEd, you can use my referral link here.
What tips and tricks do you have for paying off your student loans faster?