App uses spare change to pay off student loans

App uses spare change to pay off student loans


(SCOTT) IF YOU’RE ONE OF THE 44-MILLION BORROWERS, MAYBE PAYING OFF YOUR LOAN IS A RESOLUTION YOU HAVE FOR 2018. NINA CRISCUOLO IS HERE. YOU FOUND AN APP THAT IS HELPING PEOPLE DO JUST THAT. YOU TRIED IT… HOW DOES IT WORK?. (NINA) ANOTHER MEMBER OF THE WISH-TV FAMILY RECOMMENDED THE APP TO ME AND I DOWNLOADED IT AT THE BEGINNING OF NOVEMBER. IT’S CALLED CHANGED – BUT IT IS OFTEN PRONOUNCED CHANGE-ED… AND WHAT IT DOES IS USE YOUR SPARE CHANGE FROM ROUTINE PURCHASES TO PAY DOWN STUDENT LOANS. THE APPLE APP JUST LAUNCHED IN 2017…. IT WAS CREATED BY DAN STELMACH AND NICK SKY, TWO BROTHERS IN CHICAGO WHO PARTNERED WITH DEVELOPER MIKE LAND. THE APP TRACKS EACH PURCHASE OF IN YOUR CHECKING ACCOUNT, ROUNDING IT UP TO THE NEXT DOLLAR AND TRASFERRING THE MONEY AUTOMATICALLY FOR YOU… SO IF YOU SPEND $2.95 ON YOUR DAILY TEA, LIKE ME… FIVE-CENTS GOES TO YOUR CHANGED ACCOUNT. WHEN THE BALANCE REACHED $100 WHICH IS WHEN THE LITTLE SQUIRREL ON THE APP FILLS ALL THE WAY UP… THE CASH IS SENT TO YOUR STUDENT LOAN COMPANY…. AGAIN AUTOMATICALLY. I SPOKE TO THE CO-FOUNDERS THROUGH A GOOGLE HANGOUT AND ASKED THEM IF THEY WERE SURPRISED BY HOW THE APP HAS TAKEN OFF AND THEY SAID ‘NO.’ THEY KNEW IT WAS GOING TO BE BIG. ((NICK SKY/CO-FOUNDER: “WE WERE VERY CONFIDENT THAT WE WERE BUILDING SOMETHING THAT A LOT OF PEOPLE NEED. WE SET UP CHANGED TO BE EFFORTLESS TO USE AND IT RUNS IN THE BACKGROUND, SO YOU CAN CONTINUE TO LIVE YOUR LIFE. BECAUSE YOU’RE NOT GOING TO STOP SPENDING, PAYING BILLS, AND THINGS LIKE THAT, BUT IF YOU SIGN UP FOR CHANGED YOU CAN AT LEAST TAKE CARE OF YOUR STUDENT LOAN DEBT WITHOUT HAVING TO WORRY ABOUT IT AS MUCH.” )) (NINA) THE AVERAGE COLLEGE GRADUATE FROM 2016 LEFT SCHOOL WITH MORE THAN 37-THOUSAND DOLLARS IN DEBT… THAT CAN COME WITH ABOUT 30-THOUSANHD DOLLARS IN INTEREST… USING CHANGED… BASED ON A 25- YEAR REPAYMENT PLAN…. THE COMPANY SAYS A BORROWER WHO PAYS $50 EXTRA EACH MONTH COULD SAVE UP TO 10-THOUSAND DOLLARS IN INTEREST. THE APP IS FREE IN THE APPLE ITUNES STORE. THE COMPANY DOES CHARGE USERS A ONE-DOLLAR MONTHLY FEE. (SCOTT) SO YOU’VE TRIED IT OUT…. HAVE YOU FILLED UP THE SQUIRREL YET? (NINA) I HAVE! I’VE LINKED A COUPLE DIFFERENT BANK ACCOUNTS TO MY FILLED UP THE SQUIRREL YET? (NINA) I HAVE! I’VE LINKED A COUPLE DIFFERENT BANK ACCOUNTS TO MY APP… SO IT ONLY TOOK MY ABOUT 7 WEEKS TO REACH THE FIRST $100… WHICH SHORTENED THE LIFE OF MY LOAN BY ABOUT 13 AND A HALF DAYS AND I REALLY DIDN’T EVEN NOTICE THE EXTRA MONEY COMING OUT OF MY ACCOUNT BECAUSE IT’S JUST LITTLE BITS HERE AND THERE. WE HAVE MUCH MORE INFO ON THE CHANGED APP ON OUR WEBSITE WISHTV.COM.

Leave a Reply

Your email address will not be published. Required fields are marked *