4 apps to help you tackle your student debt

31 May 2019

Completed your degree to be faced by a mountain of debt? You’re not alone.

According to a new report by CNBC, “outstanding student debt in the US has tripled over the last decade and is projected to swell to $2 trillion by 2022.”

CBS News also released a new report stating that the graduating class of 2019 has an average student debt load of approximately US$33,000.

“New grads should track their finances through budgeting apps, not only for everyday spending but also to determine how much additional money they can put toward paying down debt.

“Remember the three biggest priorities of financial adulthood: Pay down debt, build up emergency savings, save for retirement.”

The CNBC report revealed that student debt has become so hefty, there is now a growing trend of graduates packing their bags and leaving the country to live somewhere with lower living costs.

The issue has become so widespread that Burger King recently announced a contest that will “pay a single winner up to $100,000, and others up to $500 each toward the payment of their student debt,” according to CBS News.

Good management of your finances can go a long towards helping you pay off your student debt. If you need some help managing your finances, try using an app like the ones below. You never know if you don’t try!

Givling

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Mike Rosser from Champaign, IL used his $16,645.77 Givling trivia winnings to completely erase one of his #studentloans Mike said “It’s such a relief to have this one gone. Now, on to tackle my remaining three loans! Thanks again so much, this has really changed my life.” #studentloanfree #debtfreecommunity #debtfreejourney #trivia #debtfree

A post shared by Givling – Win Real Cash! (@givling) on May 15, 2019 at 9:05am PDT

This app doesn’t exactly help you manage your debts, but it can help you pay them off! If you’re a trivia junkie, your knowledge could help you save big bucks on your debt with this unique app.

According to Nitro, “When you sign up for Givling, you’re randomly matched with two other people to form a trivia team, and your team answers questions until you get one wrong.

“The more correct answers you get, the more points you accumulate—and the better chance you have of being selected to get a cash award.

“You can play two free games a day, and pay for Givling “coins” to play more frequently. Givling gets its money through advertising, sponsorships, crowdfunding, and players who pay for coins.”

According to CNBC, “More than 5,000 people have won prizes on the app, he said, and the company has paid out $3 million.”

The money won from the app can go towards student loans or a mortgage.

Pickpocket.me

Guilty of overspending and not putting enough money aside for debt repayments? This app helps you “steal” from yourself to channel some money into your student loan repayments.

For ever dollar you spend, the app puts ten cents towards your loan. You can adjust this “stealing percentage” to be higher or lower if you prefer.

According to The College Investor, “It’s important to note that Pickpocket.me will “steal” (as in put money toward your loan) on the first $500 of each purchase. So if you pay $900 in rent each month, you’ll only set an extra $50 toward your loans (not a full $90).”

There are also other ways to motivate you to pay your debts through this app, such as appointing sponsors to help you match your payments (such as a loving grandparent) so you can double your payments.

Debt Payoff Assistant

We’re using the debt snowball method! We cut back on “extras” in our budget and apply that amount to debt, the lowest balance at a time. I use an app called Debt Payoff Assistant which breaks it down and has been super helpful to me

— Steph 🌻 (@WhatSheSees) December 14, 2018

If you’ve got multiple debts and often feel overwhelmed among repayments, this tool can help. The popular debt management app helps you pay off your debts through the ‘debt-snowball method’.

According to iTunes, “The debt-snowball method is the primary debt management technique taught and recommended by many financial experts.

“Using this approach, you would pay the minimum payments on all your debts until your first debt is payoff. Then you would use the extra payment from the paid off debt and apply it to the next debt. The amount of extra payment will grow as more debts are payoff which results in a “snowball” affect that will help you to payoff subsequent debts faster and increasing your confidence in the process.”

There are also other useful features. According to The Budget Mom, “One of the main features I like about this app is the charts and graphs. I am a visual person, so seeing my progress in chart-form is great.

“You can see things like your total debts, debts remaining, total interest paid, and total interest saved. I especially love the percent paid progress bar for each debt. This helps motivate you and gives you a quick way to see your progress for each debt.”

ChangEd

My first $100 from @changedapps just got sent to my #studentloans loans. I’m so glad this app is around. Every cent counts when it comes to paying off your loans!

— Danny Sheres (@dsheres) May 3, 2019

With so many debts to pay, most students can’t afford to let a single cent slip by. ChangEd helps you manage your finances by rounding up your everyday purchases to the next dollar so your spare change is kept back for your repayments.

It does so by first analysing your spending, then your change gets transferred to your FDIC insured ChangEd Account.

According to the website, “When your ChangEd balance reaches $100, we send a payment out to your loans automatically. The best part? You don’t even have to budget.

“Check your progress in your personal dashboard. See payments made, how much you are saving in interest, and how much sooner you’ll pay off your loan! You’re one step closer to a life without student loans!”