This week’s Shark Tank features The ChangEd app — which promises to easily help people with student loans save thousands on their repayments.
It works by securely linking to your credit and debit cards, then every time you make a payment it rounds the price up to the nearest dollar and banks your spare change.
For example if you bought a coffee for $3.45, that would be rounded up to $4 and the extra $0.55 banked.
Once you reach $5, that accumulated spare change gets automatically transferred to an FDIC insured ChangeED Account, then when the balance on that reaches $100 it automatically sends it to your loan servicer (the company that manages your loans).
According to ChangEd, the average student loan is $37,172 but if you stick to the minimum repayments can end up costing you more than $60,000.
By making regular additional payments, they say you can save over $10,000. The app aims to make that easy by easily channeling any spare change straight into overpaying your loans.
How much does the ChangEd app cost?
The ChangeEd app costs a flat fee of $1 per month, which it takes from your balance.
How can you get it?
The app is currently only available at the App Store, however the company says it is working on an Android version and you can sign up for alerts to be notified when it comes out.
Shark Tank airs back-to-back episodes Sundays at 8/7c on ABC.