• FAQs

    Some answers to questions you may have

    How much does it cost to use ChangEd?

    ChangEd is free to download on the App Store and charges a simple $1/month fee from your ChangEd balance. We need to do this because it covers our costs to move money and store your funds in a personal FDIC-insured account. This also helps us cover other costs for sending payments and keeps our office disco ball powered. A buck a month to save you thousands of dollars, take years off of your loan, and reduce the need to budget for these extra payments seems like a fair deal, right??

    How can I find my student loan info?

    This is probably the toughest part of the whole process. Most borrowers tend to ignore those statements and let the servicers make their money. A LOT OF MONEY! Not your money though, you're fighting back! We've built out a resources page to help find all of the required information. There you will see a list of some of the most common servicers. We are working on adding more servicers regularly. If you need help filling out your student loan information please email us - [email protected]

    How secure is my information?

    Security is the most important thing to ChangEd! We've worked really hard to make sure all ChangEd members have their information secure. This includes your banking credentials (which are never stored on our servers and are encrypted via bank-level security standards), Personal information (which is kept in a secure database for payment and account set up purposes only), and anything else that you share with us! If you have any questions about how your information is used and stored please email us!

    How are my transactions rounded up?

    Magic...well not really. Math actually. Once you link your main spending account, ChangEd analyzes your spending and makes transfers to your personal FDIC-insured ChangEd account. ChangEd makes transfers when your accumulated change reaches at least $5 in roundups. ChangEd also never withdraws more than $10 in one day in case you go on a spending spree and a ton of roundups occur.


    Here's an example:


  • I signed up and linked my account and don't see transactions yet!

    We're glad to see you're eager to start saving! Give it a couple of days before you see any transactions in the ChangEd app. ChangEd begins analyzing transactions on the day you sign up. Within a couple days, transactions will start posting and you start saving!

    How are my payments applied?

    There are strict federal guidelines on how extra payments are applied to federal student loans. If you have private loans, check to see how your lender applies extra payments. Most Federal loan servicers will apply additional payments to late fees first (if applicable), second to unpaid interest, and then principal. There are ways to send payments directly to the principal of the loan with certain servicers. Please read questions below.

    Can my payment be applied directly to the principal of my loan?

    Depends. Most federal loan servicers have strict guidelines they have to follow. Additional payments go towards late fees first (if applicable), interest second, and then principal. It kind of stinks but you will still save, SAVE A LOT if you make additional payments! On the other hand, private student loans have a bit more leniency. You can send them a letter stating that you want all additional payments sent to the principal of your loan. If you haven't done this yet, shoot us an email at [email protected] and ask for our template to send to servicers. It's super easy to fill out and will save you even more!

    When are payments sent?

    Payments are sent after you accumulate $100 of change roundups in your ChangEd account. We do this because it gives us time to verify your loan info and streamlines payments. It'd be a mess if we sent them payments one nickel at a time, funny, but messy! This will also let you monitor how much you're saving and see how much each payment affects your loans. Think you'll never get to $100 in spare change saved?? Average users save $30-$50 each month! That's going to make an impact on those loans.

    I have multiple loans under one servicer, can I direct a payment to a specific loan?

    Possibly. Most servicers allow payments to be directed to a specific loan. When signing up to ChangEd, you will input your main account number that your servicer gives you. You may also see multiple individual loans under your account. These loans usually have some type of loan identifier which usually are a series of numbers or letters. If you'd like to direct your payment to a specific loan please shoot us an email with your loan identifier at [email protected]. To find the correct account information click here to be directed to our resource page.

    What is a servicer?

    A servicer is a company that manages/services your loans. Think of it this way...If you borrow a federal loan, you are borrowing money from the government. The government then gives that loan to a servicer to manage all of your payments. Examples of servicers: Navient, Nelnet, Great Lakes, Mohela, Etc.

    Can I link my credit cards? How does that work?

    Yes! You can analyze transactions for roundups from a linked credit card. Simply add a checking account to fund your transfers first. (e.g. Add your Chase checking account and later link your American Express credit card for ChangEd to analyze your spending and round up transactions.) In this case, we would round up transactions on your AMEX and make ChangEd transfers from your Chase checking account. We don't want to be adding to your debt, right?

    Do you like PB&Js?

    Yes. Always. Yes.

    Can I save more than just rounding up my spare change?

    VERY SOON! We are working on implementing more saving features including a friends and family feature where you can have multiple people tackle one loan! It would be a good idea to start convincing your mom, dad, aunt, uncle, wife, husband, sister, brother, boss, co-worker, and strangers to help contribute their spare change. Ok, maybe we went too far, maybe just family, not strangers. Still, imagine how fast you'd be debt free. An average person can save five years (25-year repayment term) off their loan just rounding up themselves. Multiply that by how many people you can add.

    Can I send you feature requests?

    Of course! Send any ideas and improvements over to [email protected] and we can chat about how we see them fitting into the ChangEd mission!

    I'm a parent/spouse/loved one, Can I help pay off a loan for someone?

    You are awesome! Well, we're sure you already heard that when you told the person who has student loans that you'd be willing help pitch in on their loan. When signing up to create a ChangEd profile, please use YOUR legal name and when we ask for specific student loan info please input the primary loan holders legal name. If you borrowed a parent plus loan and you are the parent that borrowed please input your name again in the "Name on Loan" field. Please reference the "What is Name on Loan?" question below to get a better understanding. Have more questions about this? Email us at [email protected]

    What is name on loan?

    When creating a ChangEd account, we ask that you put the name of the account holder in the "Name on Loan" field. E.g. If your name is Lisa Smith and you are the primary holder of the loan, you would input Lisa Smith. OR If you are one of the amazing family members willing to pitch-in your change to help a loved one pay off a loan, you would create a ChangEd account in your own legal name but input the loan holders name in the "Name on Loan" field. Any questions? Email us at [email protected]apps.com