Round up your purchases and put the extra savings toward your student debt load.
What is Sum-it?
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-it 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-it isn’t available just yet. For now, you can only add yourself to its email update list. Once it officially goes live, you’ll have first dibs on signing up for an account.
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-it 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.
What are the benefits of using Sum-it?
With its easy-to-use app and option to ask friends and family for help, there are a few perks of using Sum-it:
- Easy way to save. Sum-it 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-it 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-it 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-it is for you:
- Isn’t available yet. Sum-it hasn’t officially launched yet, so you can’t get started today. While you can sign up for its wait list, there’s no information on when it might be available to use.
- Limited info on its website. There’s very minimal information on Sum-it’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-it — 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.
What does the Internet say about Sum-it?
Not much. Since Sum-it isn’t available to download yet, there haven’t been any reviews left by users. And the company doesn’t have a page on the Better Business Bureau or Trustpilot just yet. It will be easier to judge Sum-it for yourself once the app has launched, so keep an eye out for potential reviews in the coming months.
Is Sum-it 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?
While you can’t download the app yet, you can sign up for Sum-it’s email list to get more information. Follow these simple steps:
- Visit Sum-it’s website.
- Enter your email and click Get Started.
- Select how likely a family member would be to contribute to your student loan debt and click Submit.
You should receive an email with more information about how Sum-it works and when it’s planning to launch.
Step-by-step instructions to apply with screenshots
Refinance your student loans to save money
Sum-it 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 hasn’t launched just yet, and there’s still not much information available. You might want to sign up for its email list to get updates on the app’s progress.
In the meantime, check out your student loan refinancing options to see if you could lower your interest rate and save even more.
Frequently asked questions