Student Loan Repayment: A Family Affair
Student loan payments are no walk in the park. Each month you’d love to forget about that $200, $300, or $1,500 payment coming around the corner but there is no forgetting. Even if you consider yourself one of the more responsible people, you need a helping hand every now and again.
ChangEd has launched the Family and Loved Ones Feature so you can get as many helping hands as you can get, everyone can get involved! Anyone can download ChangEd and have their spare change go towards YOUR student loan! Money is never an easy subject to talk about—these tips might make it easier.
1. Take a look at your finances
Before asking, check out your monthly spending habits. This is a great way to help your case when it comes to asking for some financial help, it shows that you are trying to be smart about your money. It is also a good way to find out what you spend too much on and how you can cut back. You would be surprised how much the average person spends on coffee in a month! (almost $100)
2. Who should you ask
First things first—who should you be asking. Think of the people in your life that might be willing to help out. Parents might be the first people that come to mind; and of course, they most likely have been there to help you make financial decisions for school. Getting your parents involved can be beneficial for you and your parents especially if we get real and you still live with your parents.
We also all have that aunt or uncle that spoils you or your significant other that you’re trying to make money moves with—don’t hesitate to go to them as well. Rather than them asking you what you’d like for a graduation or birthday gift, you can ask them to sign up to ChangEd for a few months to contribute!
3. Choose the right time to ask
Think of all the times that you might receive a gift from someone; Christmas, birthdays, graduation, new job etc. All perfect times to ask for help with your student debt. One of the awesome parts of the Family and Loved ones feature is that it makes a fantastic gift for anyone who might be facing student loans. What’s a better gift than financial freedom?
4. Know your stuff
You should be ready to explain WHY their spare change would be so beneficial. Did you know that the average $39,400 student loan can end up costing you over $60,000 if you stick to the minimum payments every month? You can save over $10,000 if you make additional payments regularly. That can knock 6 years off your repayment term! That number can multiple in savings with each person you add as a contributor.
How to add a family or loved one to ChangEd?
Simply go into your ChangEd app and tap on the settings Icon. Go to ChangEd Perks and send them a referral link. All they have to do is follow the link, create a profile, and add your student loan details to start saving. Your loved ones have the control of their own account and payments will be sent to your student loan automatically. Find the step by step process here.
ChangEd will also be launching other creative ways in future updates to make saving even better!