7 out of 10 college students now graduate with student loan debt that can take decades to pay off.
Now, a couple Chicago brother are setting out to change that.
A new app is the brain child of Daniel Stelmach and Nick Sky, who, like so many others, found themselves saddled with heavy debt from college. They tried consolidating, refinancing and even postponing payments until one day it hit them. The solution might be as simple as reinventing the old coin jar.
They discovered that if they rounded up each of their monthly debit card purchases to the nearest dollar, it added up to roughly 45 bucks. So they went to their friends who also recently graduated and sure enough, the numbers held.
"Everyone was in the realm of $30-$50 per month,” Daniel said. “And if you apply that directly to your student loans, you would save years of payments and thousands of dollars off your student loan debt."
So they set out to making it into an app that would do all the work for you – tabulate the leftover nickels and dimes, transfer it into a protected FDIC account until it hits one hundred dollars. Then a check is sent directly to the bank holding your student loan.
They launched the ChangEd App in March and it wasn't long before the frustrated grads started logging on and finding success.
You can download the ChangEd App on any iPhone or iOS device. Android will be available by the end of this year. And they are also adding cool new features that allow you to send additional payments when you can afford to, and even allow family to contribute.