Student debt is a massive problem. 44 million Americans are holding roughly $1.4 trillion in student loan debt, and it’s impacting more than just their finances and ability to travel the world.
Milestone life events like marriage, home ownership, and starting a family are being put on the back burner while young professionals work to get out from under the debt they accumulated to achieve their educational goals. Making minimum monthly payments is costly in the long run, and we all know it, but many people find it difficult to chip an extra $50 towards their debt at the end of the month. Blowing off some steam with friends is a much easier decision to make.
That’s where Spared can help. Spared simply monitors member bank accounts, rounds daily transactions up to the nearest dollar, and pays that “spare change” directly toward the member’s student loans. So $3.50 spent on coffee becomes a coffee plus a $0.50 student loan payment. By using Spared, members will save thousands in interest payments and reach debt free years faster. Living life on one’s own terms starts with severing ties with student debt.
Spared is the creation of University of Tampa MBA graduates Ryan Lockwood and Ryan Deitrich, both veterans. Ryan Lockwood is a Tampa native who attended Jesuit High School and was an All-American baseball player at USF. After four years in the Navy, he returned to Tampa to complete his MBA and met Ryan Deitrich. Deitrich, a New Jersey transplant, has lived in Tampa for eight years. A Coast Guard veteran, professional poker player, and licensed financial advisor; Deitrich also runs a Youtube series about achieving financial freedom. He and his girlfriend paid off $50,000 in student debt and now live aboard a beautiful sailboat in St. Petersburg.