ChangEd

changedDaniel Stelmach and Nick Skrzyniarz want a Shark to help them eliminate student debt with ChangEd, their app that uses spare change from everyday purchases to pay down student loans. College students have over $1.4 trillion in student loan debt. The burden of paying it back is a financial crisis looming on the horizon. Daniel and Mick seek to help students pay their student loans faster.

The brothers started the business in August, 2016. Nick has a degree in entrepreneurial studies from the University of Illinois at Chicago and Daniel has a degree in small business and business management from DeVry University. Daniel talked to Nick about the idea for ChangEd when he didn't see his student loan debt going down fast enough, even though he made regular monthly payments.

All users have to do is link their bank account and student loan account to the ChangEd app. It also works with bank debit cards and bank issued credit cards. To date, they have roughly 80% of the nation's banks online. When you pay  with the app, it rounds up to the nearest dollar amount and puts it in your ChangEd account. For example, if you buy a cup of coffee for $2.10, you pay for the coffee and ninety cents goes into your account. Once it hits a hundred bucks, ChangEd pays off some of the principal on your student loan.

The guys estimate an average user can save between $30-$50 a month. Over the course of a student loan, those payments can save over $10,000 in interest! ChangEd charges a one dollar fee per month for their service. They likely want a Shark to help them with cash for growth and with establishing more credit card and banking relationships. Will a Shark invest to help students save?

ChangEd Company Information

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Posts about ChangEd on Shark Tank Blog

App for Paying Down Student Loans

ChangEd Shark Tank Recap

Daniel and Nick will pitch the panel of five Sharks on the business and its prospects for growth. They'll need to convince Mark Cuban, Barbara Corcoran, Robert Herjavec, Lori Grenier, and Alex Rodriguez that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but they’ll need to show them THEY are capable of running the company to “Shark standards.” A full pitch re-cap on ChangEd will be available on Shark Tank Blog once this episode airs.

ChangEd Shark Tank Update

The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on ChangEd & Daniel Stelmach and Nick Skrzyniarz as more details become available.

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