Use change to make payments on student loans

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    ChangeEd Student Loan Payment App Review

    Putting extra loose change in a jar can be real savings surprisingly quickly. But then you need to use cash on your purchases, wrap all those savings coins and take them to the bank to add them to your account.

    However, if you have a large number of banks and apps, there is an easier way. Many now offer customers the option of rounding up transactions on their bank account or credit card and transferring them to a savings account. It is a new variant of the swap body for the digital age.

    ChangEd takes this concept even further by applying unused change to your student loans. By using the ChangEd app, each transaction is rounded up to the nearest dollar and the difference is applied to your student loans once it reaches $ 100. In this article, we are going to review the ChangEd app.

    ChangeEd logo
    • Use round up to pay off your student loans faster
    • See all of your student loans in one place and track your progress
    • Costs $ 3 per month

    Synchronization of student loans, rounding up, automatic payments

    What is ChangeEd?

    ChangEd is the brainchild of two brothers – Nick Sky and Dan Stelmach. The idea came up when Dan was discouraged by the interest and payments on his student loans and thought, “Man, something has to change. Boom! Change – change. What if I rounded up the change from my transactions and sent it to my student loans? “

    Dan brought the idea to his brother Nick. Nick said, “I thought it had a lot of potential. A lot of people are struggling. I have student loans. All of my friends have student loans. It’s something that I think would matter to a huge market.” From these conversations, ChangEd was born.

    What does it offer?

    ChangEd’s mission is to help borrowers repay effectively and automate the process. Borrowers can build a repayment path that will help them save the most. You can choose which loans to pay off first, and the platform will make recommendations to tackle the next loan that will save you the most. This is how it works.

    Summaries

    After you have finished setting up your ChangEd account, the app will start analyzing your expenses. Then it starts rounding up your transactions and transferring the difference to a ChangEd account which is eventually sent as a student loan payment.

    For example, if you spend $ 2.54 on coffee, the app saves $ 0.46. Once you reach $ 5 in savings, the funds will be deposited into your ChangEd FDIC insured account.

    Once your ChangEd account reaches $ 50, the funds will be deposited into your student loan account as payment. You can also multiply rounds up or set different savings rates based on transaction categories.

    Note that you can pause the rounding up at any time. Currently, the app allows users to set up a break of 15, 30 or 60 days.

    Additional payments

    ChangEd offers more options for saving than just rounding up. They also make it easy to top up your savings through additional payments to capital. The frequency options include daily, weekly, monthly, and payment periods.

    Track your progress

    One of the best things about using ChangEd is being able to see your progress. The app does an excellent job for this. When your extra change is applied to your student loans, the app will display the number of years and interest rates that you have canceled your loans.

    You can also see all your transactions and the amounts rounded up within the app. Below are several screenshots of the app interface showing the transactions on the left and the effects on the loans on the right.

    Family and friend accounts

    ChangeED also makes it easy for family members and loved ones to contribute to your student loans. All you have to do is create an account with your own email address and then enter it Your Information on student loans.

    As simple as that! Just like with private accounts, family and family accounts are equipped with all bank details, rounding up and additional payment functions. The only difference is that the person who opened the account will help with the payment Your Debt instead of your own.

    How does ChangeEd compare?

    ChangEd is a new way of saving with change. If you’re struggling to make additional payments for your student loans or doing it inconsistently, ChangEd can certainly make a difference. The app automates the whole process so you don’t have to worry about it.

    But unlike some of its competitors, ChangeEd doesn’t provide guidance or resources to help borrowers find the best repayment plan or qualify for federal lending programs. Take a closer look at the comparison in this quick graph:

    How do I open an account?

    The first step in signing up for a ChangEd account is to visit the website. There you will find links to download the app from the Apple App Store or Google Play Store. Then follow these steps in the app to create your account:

    1. Enter your email and choose a password
    2. Enter your student loan information
    3. Enter your personal information
    4. Link your spending account
    5. You are done!

    Is it safe and secure?

    Yes, ChangeEd generally uses Plaid to directly and securely link your spending accounts (although manual account linking is available). All transactions related to payments or other financial transactions are encrypted using SSL technology.

    Also, the ChangeEd accounts that hold your round up until you hit the $ 50 threshold are FDIC insured through Evolve Bank & Trust.

    How can I contact ChangeEd?

    You will not find a customer service phone number on ChangeEd’s website. If you have a question or problem you need to contact support@changedapps.com via email.

    However, once you download the app, you will have easier access to help. You can simply navigate to the Contact Support settings menu to quickly start a conversation.

    Is it worth?

    ChangEd can certainly help you save time and interest on student loans. How much time and interest depend on how many transactions someone has within a month. For those of us who are struggling to make additional payments for our student loans, ChangEd’s automatic payment is a welcome feature.

    However, if you’re looking for an app that can also help you tweak your repayment plan or see if you qualify for loan relief, you should look for another debt settlement app. And if you want to lower your student loan interest rate, check out our most popular student loan refinancing companies here.

    ChangeEd functions

    Synchronization of student loans, rounding up, automatic payments

    Assistance in filing IDR plans

    1299 (via Evolve Bank & Trust)

    Customer support email address

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