ChangEd

Changed (ChangEd) is a financial technology company that operates a mobile application for accelerating debt repayment. Users create a Changed account, link their loans and the bank or spending accounts they want monitored, and the app rounds each tracked purchase up to the nearest dollar. Once accumulated round-ups reach $5, funds are transferred to the user's Changed account; when that balance reaches a chosen threshold ($25, $50 or $100), a payment is sent toward the linked debt. The product was originally positioned around student loan repayment and now covers other debt types including credit cards, auto loans and mortgages.

Beyond round-ups, the app offers savings goals ("Stash My Cash" splits round-ups between savings and payoff), one-off or scheduled extra payments ("Boost"), multiple repayment strategies such as snowball and avalanche, adjustable saving paces (Budget, Standard, All modes), the ability to pause transfers for 15, 30 or 60 days, credit score tracking and insights, progress dashboards, and a Perk Points and badges rewards program tied to referrals and repayment milestones. A "Family & Loved Ones" feature lets a user open an account in their own name and direct payments toward another person's debt, such as a child's student loans, a partner's credit card, or a parent's mortgage. The site also maintains a student loan resource section listing major federal and private servicers (Navient, Nelnet, Great Lakes, FedLoan, MOHELA, Ed Financial, Discover Student Loans, Sallie Mae) and a savings calculator that projects interest and time saved.

Changed states it is a financial technology company rather than a bank, with banking services provided by nbkc bank, Member FDIC.

Founding story

Co-founders Dan Stelmach and Nick Sky are brothers and first-generation Americans raised by a single mother who took on substantial student loans to attend college. After graduating, they found the repayment process cumbersome and built Changed in 2017 to help borrowers pay off debt, save, and reach financial goals sooner.

Business model

Changed charges consumers a subscription for its debt repayment app, advertised at $4 per month, and operates as a non-bank fintech with banking services provided by a partner bank (nbkc bank). The site also lists a partnerships contact for organizations interested in working with the company on debt repayment.

Consumer subscription of $4 per month for use of the debt payoff app.

Traction

The company reports having sent over $25 million in payments, more than $50 million saved including interest, roughly 40% faster payoff, and an average of $75 in monthly savings per user. It publishes individual user outcomes, such as one member paying $7,800 toward debt with $5,788 in interest saved and three years cut from repayment.

Latest developments

The current product spans multiple debt types and adds credit score insights, splitting of round-ups between savings and payoff, customizable snowball/avalanche strategies, pause options, and a Perk Points and badges rewards program, alongside a Family & Loved Ones feature for paying down another person's debt.