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Mark Cuban backs student debt startup ChangEd

Impact Tech

The startup’s app links student loan accounts with credit and debit cards

PC: Chicago Tribune

The billionaire has spoken out repeatedly about the threat posed by the $1.4 trillion in outstanding student debt in the US and has challenged President Trump to act.

Cuban is backing ChangEd with $250,000. The startup has developed an app that links student loan accounts with credit and debit cards. Card transactions are rounded up to the nearest dollar and the change is applied to student loans via an FDIC-insured ChangEd personal account.

Someone using the app to pay $50 per month extra on their loans could save several thousand dollars in interest over the life of the loan, according to loan comparison site LendEDU.

The app costs $1 per month for users. ChangEd secured support from Cuban on SharkTank.

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