If you are struggling with paying off your student loan debt, you are in luck. Mark Cuban has recently invested in ChangEd, an app that helps students pay off their debt. The app helps students pay off debt faster, while also avoiding high-interest costs. ChangEd states, “The average $37,172 student loan can end up costing you over $60,000 if you stick to the minimum payments every month.” ChangEd is here to change the way a student pays off their debt, starting with an app on your phone.
ChangEd went on Shark Tank, and was able to clinch a deal with the one and only Mark Cuban. Founders Dan Stelmach and Nick Sky were able to convince one of the most prominent investors to help them develop their app even more. Cuban offered them a $250,000 deal for 15% equity. Stelmach and Sky’s simple, yet life changing idea convinced Cuban to invest in their app, and now they are on the road to even more success.
The way ChangEd works is simple. You connect your credit or debit card, and the app rounds up any purchases to the nearest dollar. It then sets aside the extra change to pay off your student debt. The app charges just $1 per month to use, saving the students money. Since March 2017, they have had 9,000 downloads and hope to hit $100,000 in student loan payments by the end of the year.
I believe this app will truly change the way students pay off their debt. The founders came up with the idea when Stelmach noticed how much of his payment was going to interest, and how after time his balance was not going down. Stelmach and Sky realized that setting aside change would help them pay off their loans. The founders are also working on a feature that will allow your family and friends to pitch in. ChangEd is an amazing application that will revolutionize the way student’s pay off their loan debt.