Student debt is an enormous problem in the United States, which is why this platform for student loan management and repayment is so helpful. Yet to launch startup CommonCents allows users to save the small change from their everyday purchases to put towards their loans. Through this system, CommonCents believes the average student will be able to save more than $22,000 and get rid of their debt five years sooner.
In addition to being able to put spare change from the things you buy on a daily basis towards student loans, you also have the option of setting a one-time or recurring lump sum payment from your bank account. The student loan management platform has a feature that lets you cash out your Venmo balance too.
Loan Repayment Apps
Student Loan Management System CommonCents Works Using Your Spare Change
Trend Themes
1. Microsavings Apps - Opportunity for fintech startups to create microsavings apps that help users pay off debts by saving their spare change from everyday purchases.
2. Student Debt Management Platforms - Disruptive innovation opportunity for entrepreneurs to build platforms that help students manage their debt and save money towards their student loans.
3. P2P Payment Integrations - Opportunity for startups to build platforms integrating P2P payment apps such as Venmo to offer more flexible payment options to users.
Industry Implications
1. Fintech - Fintech industry has an opportunity to create innovative solutions to help users manage and pay off their student loans.
2. Education - Education industry can benefit from supporting platforms that help students pay off their debts and achieve financial stability more quickly.
3. Payment Processing - Payment processing industry can leverage P2P payment integration to offer more flexible payment options and increase customer loyalty.