Is Student Debt Holding you back?
In the last year I have graduated college with a degree in finance, gotten engaged to be married and started an entry level job at a marketing and technology company in Miami. Sounds pretty good, right? Well, dig a little deeper — and you will find that my fiancé and I are among the 44.2 million other Americans that are drowning in student loan debt, holding us back from adding to a savings account, qualifying to buy a home and limiting any sort of fun or travel.
With a combined $91,000 holding us down, I thought that there had to be something that I could do about it — so I started researching. It turns out, there isn’t — they are never going away! This is what lead me to think about and create the Donkies app. The Donkies app connects to your debit card and rounds up to the nearest dollar every time you swipe — that remaining change is then directly applied to either your student loan debt or high interest credit card debt. So, say you buy a cup of coffee for $5.49 (yes, almond milk is extra), Donkies would automatically round up to the nearest dollar, charging a total of $6.00 and applying the remaining 51¢ to your student loan or credit card debt outstanding. So, let’s do some math. My fiancé and I averaged to 430 swipes over the past twelve months each (and keep in mind that we are low swipers — we pack our lunch every day, brew our own coffee in the morning, rarely go out to dinner, etc.). When rounding up to the nearest dollar, this would have been $238 for each of us in Donkies change for the past 12 months. If we apply this to our twenty-year payment plan, we would have saved two years and four months of payments! If we opted in for an additional $1 for every swipe, we would be able to remove six years and five months off of our payments! That means we could actually consider buying a home before the age of — well, sooner than twenty years (we’ll just leave it at that).
Donkies is planning to launch soon — we are busy finalizing details to be sure that our users have a great experience from their very first sign on. We are so excited to start paying off our debt faster and look forward to helping the other 44.2 million of you, too. Subscribe here www.donkies.co to register for our beta launch and to stay up to date on all things Donkies.
PS — You’re probably thinking, what’s with the name? Well, stick around and you will find out soon!