After a recent Shark Tank episode Mark Cuban has decided to invest in a student loan startup called ChangED. It’s a really smart app that links to your debit or credit card and rounds up your purchases and uses that spare change to pay off your student loans faster.
“A new app is seeking to change that with change. ChangEd helps you pay off student loan debt faster and avoid some of those high-interest costs. A journey that has gone all the way to Shark Tank and is just beginning.
It is a simple but potentially life-changing concept. Users link their debit and or credit cards to their ChangEd account and the app automatically rounds up any purchases to the nearest dollar. The extra change then goes towards paying off student loans.
ChangEd’s founders, Chicagoans and brothers Dan Stelmach and Nick Sky are so passionate about helping students with their debt that they took the app to ABC’s Emmy-Award winning reality show Shark Tank to see if they could land an investment.
How did the episode on January 28 play out? ChangEd received an offer from Mark Cuban and accepted. ” Source
While the app is not ground breaking their are a few others that are similar out there, this is the first that is totally geared to helping people pay off their student loans. Whether or not it will be successful completely depends on whether people are willing to adopt it and budget their spare change towards paying off their debt. In a world where every penny counts I hope this takes off.
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Through student loan refinancing, borrowers can refinance high-interest student loan debt and potentially score a lower rate, saving thousands of dollars in interest over time. Those savings can then go toward extra payments to get out of debt even faster. Additionally, borrowers can select a longer term to obtain a lower monthly payment as well.