Fifth Third Bank –a group of banks with branches located in the eastern half of the United States– created a mobile app designed to help its customers pay off their student loans. So far, the app has helped customers dispose of $1 million dollars’ worth of student debt. The app works by rounding customer debit purchases up to the nearest dollar, then applies that extra money to the customer’s education loans. The bad news, of course, is it’s only for Fifth Third customers. If you’re not one of the fortunate, here are five similar apps designed to help conquer your student debt.
Much like the Fifth Third Bank app, ChangED helps borrowers pay off debt by rounding purchases up to the nearest dollar. “Round-up” apps help borrowers utilize “spare change” to save money–or lower debts. ChangeED works specifically to help speed student loan payoffs. If you choose this app, it will monitor your purchases and tally spare pennies until the total is $5 or more. Then the app makes a withdrawal and puts the money in your ChangED account. Once your account reaches $100, it makes a payment on your designated student loan.
Another popular “round-up” app is Qoins. Users have more options with Qoins because they choose how the app withdraws and pays student loans. Instead of holding user funds until they reach $100, users can set payment schedules. The app also allows users to cancel withdrawals by 4:45 PM EST on the same day the transaction was initiated. While it costs $1.99 a month to use, adaptability may make it a better option for some borrowers. Be honest with yourself, though. If the “forgettability” of the round-up app is a plus, a more interactive app like Qoins might not be for you.
Technically an in-browser app, Unbury.me has been around since 2011. That’s because it works! Unbury.me helps users calculate loan payoffs, and charts how long it will take them to pay off their student loans. To use it, you input data such as loan amounts, interest and monthly payments. After entering that information, charts and graphs can help you understand your debt and the options you have to pay it off. And, it’s free.
4. Debt Payoff Assistant
This one is most similar to Unbury.me, but it works on mobile phones and can track an unlimited number of loans. Debt Payoff Assistant charts debts, interest and payoffs in easy-to-read graphics. With this app, you can set reminders to help motivate your payment efforts, and easily check payment progress. You can also see how payment strategies –like Snowball or Avalanche plans, for example– will affect your payoff.
The Mint app provides a fresh way to monitor personal finances. If you use it, you’ll have a full view of your expenses, allowing for comprehensive budgeting and saving. Mint is free, and it can connect to your bank accounts. The link to the account allows the app to update every time it starts, so users can avoid manually entering financial data every time they use the app.
These apps are handy for helping borrowers keep up with their student loans, but they’re a solution meant for individuals with manageable expenses and unremarkable life circumstances. Our Kansas City student loan attorney Neil Sader is nationally recognized for helping graduates who are overwhelmed by their student loan debt. Contact The Sader Law Firm to learn more about the options available for your personal situation.