By Ian Jackson
ChangEd is an app that helps people with student loans pay down their debt more effectively by using spare change from everyday transactions. For example, you spend $3.15 for a cup of coffee and ChangEd rounds up to $3 saving you $0.85. ChangEd then transfers these round ups into your personal FDIC insured ChangEd account and once you collect $100 in round ups, ChangEd automates a payment to a user’s servicer. This will help you get out debt years sooner and pay much less in interest.
“With most college students and graduates living on strict budgets it is hard to take action on your student loans. This is why co-founders Dan Stelmach and Nick Sky felt passionate that they can help the millions of people with student loans by applying their spare change to make extra payments on student loans,” said Liam Belter, advertising junior at DePaul University and outreach and strategy intern for ChangEd.
Alexa Jones, a junior in media studies at Roosevelt talked about how the app will possibly be the future and a lot of students would be using it: “I think this app could really take off! I mean, Uber started as a small app, but look how it’s progressed… it’s taken over.” Jones also said that the app is a great idea because saving money is something young people are not very good at. The app allows students and grads to save without even realizing it, just by paying a few extra cents.
“That app actually seems awesome. I have seen similar apps that do this but don’t put it towards something productive. The interface is very nice and I may use it in the future! Loans are still going to be an issue but this can certainly put peace of mind that it won’t be too difficult to pay back,” said Matthew Spahr, 20-year-old junior integrated marketing and communications student.
Spahr also said how interesting the app will be to have in the future and looks forward to seeing other people use it.