ChangED is an app that collects digital spare change and helps students pay off their student loan debt. Linked to your bank account and student loan processor, ChangED automatically rounds up your everyday digital transactions to the nearest dollar. Once you hit the $100 mark, ChangED sends the $100 to your student loan processor. Based on a $37,000 loan with a 25-year repayment play, if you can collect $50 a month in digital change you could save up to $10,000 in interest on your student loan. The ChangED app is free to download; there is a $1 per month charge.
The founders of ChangED, Dan Stelmach and Nick Sky of Chicago, Illinois, are pitching their business on Shark Tank on January 28. They’re in the Shark Tank seeking an investment of $250,000 in exchange for 15 percent equity. Student loan debt in the U.S. is currently at $1.3 trillion. Dan and Nick have the advantage of pitching in front of Mark Cuban, who is a vocal advocate of lowering student loan debt (not forgiving it). New episodes of Shark Tank (Season 9) air Sundays at 9pm and 10pm on ABC. [Related: 27 Favorite Shark Tank Products — New List]
.@realDonaldTrump when will you address the exploding cost of college and the problem of student debt ?
— Mark Cuban (@mcuban) March 29, 2017