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Sum-sum student loan payment app

Round up your purchases and put the extra savings toward your student debt load.

With the average student graduating college with $37,000 in student loan debt, Sum-sum is an app designed to help you pay back your loans faster. This app rounds up your purchases to the nearest dollar and applies those savings to your student loans each month. But its barebones website means you won’t know much about how it works until after you install it.

What is Sum-sum?

Sum-sum, formerly Sum-it, is a student loan payment app that collects spare change from your purchases and applies it to your student loan debt. You link your credit and debit cards to the app, and as you spend money, Sum-sum rounds up your purchases to the nearest dollar. Then, once a month, it applies those savings toward your student debt load to help you pay back your loans faster.

You can invite your friends and family to contribute to your loans, too, by matching any extra payments you make each month.

There is one caveat, though: Sum-sum isn’t available on iOS as of May 2019. For now, you can only download its beta version on an Android device.

How does making extra payments help lower the cost of my loan?

By applying extra payments toward your loan principal each month, you lower the total amount of money you owe in interest. And since interest makes up the bulk of your total loan costs, not paying as much means you’ll be able to save money.

In fact, Sum-sum claims that with normal spending habits, you can put an extra $50 a month toward your student loan debt. By doing this, you could save around $2,000 in interest and pay back your loans six months earlier.

15 ways to pay off your student loan debt faster

What are the benefits of using Sum-sum?

With its easy-to-use app and option to ask friends and family for help, there are a few perks of using Sum-sum:

  • Easy way to save. Sum-sum rounds up your purchases to the nearest dollar, making it easy to apply money toward your student loans without feeling the dent in your wallet.
  • Can get help from friends and family. You don’t have to go it alone. Sum-sum allows you to enlist the help of friends and family by matching the extra payments you make each month.
  • Automatically applies your savings. Once a month, Sum-sum sends the savings you accrued to your loan servicer for you — with no extra work on your part.

What to watch out for

Consider these potential drawbacks before you decide Sum-sum is for you:

  • Isn’t available for iOS. Sum-sum hasn’t officially launched on iOS just yet, so you’ll have to wait to download it if you have an iPhone.
  • Limited info on its website. There’s very minimal information on Sum-sum’s website as to exactly how the app works, what fees it charges or how the company keeps your personal information safe.
  • No contact information. If you’re looking to get in touch with the developers of Sum-sum — or even find info about the company itself — you’re out of luck. It doesn’t list a company email or phone number on its website.

Refinance your student loans to save money

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Credible Student Loan Refinancing
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SoFi Student Loan Refinancing Variable Rate (with Autopay)
Starting at $5,000
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Splash Financial Student Loan Refinancing
Starting at $7,500
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
Starting at $15,000
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Earnest Student Loan Refinancing
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Sum-sum reviews and complaints

Not much as of May 2019. Since Sum-sum has only recently been available for download on Google Play, there haven’t been any reviews left by users just yet. Sum-sum also doesn’t have a page on the Better Business Bureau or Trustpilot. If you’re not interested in dipping your toes into the unknown, keep an eye out for potential reviews in the coming months.

Is Sum-sum right for me?

It’s hard to say. With so little information available, there really isn’t much to go off of. It won’t hurt to join the email list and get more information. But if you want to start making headway on paying down your debt as soon as possible, you may want to consider other apps like ChangEd.

How do I sign up?

If you’re ready to start saving on your student loans, follow these quick steps to set up your account:

  1. Download Sum-sum on your Android device.
  2. Click Get Started on the app’s homepage.
  3. Enter how much debt you have, the time left on your student loans and the average amount you spend each month. Click Next Step.
  4. Read the beta notice and click Accept & Continue.
  5. Enter your full name, email and password. Read the terms and privacy policy, then click Sign Up.
  6. Review your estimated monthly payment through Sum-sum based on your current habits. Click Create Your Account.

Once you’ve created your account, Sum-sum will walk you through how much you could save by simply rounding up your payments. You can choose to add family members and link both your student loan accounts and your cards. You can also read its brief FAQ and reach out to customer support through the app.

Step-by-step instructions to apply with screenshots

Bottom line

Sum-sum helps you pay down your debt faster by rounding up your purchases to the nearest dollar and applying those savings to your student debt load. But it’s only available to download in the beta version — and only for Androids.

If you have an iPhone or want to find other ways to save, check out our guide to student loan refinancing.

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