Most Asked Questions

  • How does Spared work?

  • Spared is a mobile app that helps you pay off your student loans faster by giving you that extra little boost to pay more than the minimum. It’s super simple! With your permission, we sync your bank account and the cards you use for everyday spending with your student loan account. When you buy something, let’s say a large cold brew for $3.70, Spared rounds that transaction up to $4.00. That extra $0.30 is transferred from your bank account to the Spared app and then paid towards your student loan on your monthly due date. You take care of your existing payments. We take care of the spare change that will go towards quickly reducing your principal. By simply rounding up your everyday charges, you can save thousands in interest payments and get rid of your student debt years faster. So, what are you waiting for?

  • How can my loved ones help me with my student loan debt?

  • This is easy! They can pay it off for you. Well, we can dream, can’t we? It’s easy for your family and friends to help lower your debt on birthdays or if they simply choose to do so because you’re amazing.
     
    Here’s how:
    First, they’ll need to sign up as contributors to your Spared account. To help them verify YOU are really YOU, make sure you have a profile picture associated with your account.
     
    You’ll want to send them a request to contribute. Now, there are heart icons
    on various pages throughout the app.
     

     
    Do you see one? PRESS IT! This will pull up both your phone and Facebook contacts. Just select people from the list who you think would be willing to contribute. Include a personal message, remind them that you’ll be eternally grateful, and hope for the best.
     
    Once they agree and have become a contributor, they will be matching your monthly contribution. Then, you’re all set. You and your contributors will make it hail all over your student loans and basically strap you to a rocket headed for debt-freedom.

  • Does Spared store my banking information?

  • Spared does not store your banking information. Your banking information is held by MX Atrium, whose privacy policy can be seen here. Both MX and Spared are 100% committed to ensuring that your personal data is protected above all else. It’s in safe hands!

  • How much does Spared cost?

  • The app costs $1 a month plus a 1% money transferring fee. This cost covers future development work to make Spared even more amazing based on your feedback, which we are all about. As we grow and onboard more Spared advocates, we will adjust our pricing plan to give you the best value from the app.

  • Does Spared work with my Student Loan provider?

  • Spared is compatible with the following providers:
    1. Nelnet
    2. Navient
    3. FedLoan Servicing (PHEAA)
    4. Great Lakes Educational Loan Services, Inc.
    5. CornerStone
    6. Granite State — GSMR
    7. HESC/Edfinancial
    8. MOHELA
    9. OSLA Servicing
    10. VSAC Federal Loans
    11. ACS Education
    12. Discover Student Loans
    13. Wells Fargo
    14. American Education Services
    15. Firstmark Services
    16. Aspire Servicing Center
    17. ECSI
    18. Debt Management and Collection System
    19. CFNC
    20. Williams & Fudge, INC.
    21. American Funds
    22. Sallie Mae
    23. Citibank
    25. ACS/CP&S
    26. LendKey Technologies, Inc
    27. Tuition Options
    28. Utah Higher Education Assistance Authority
    29. ECMC
    30. Kentucky Higher Education Student Loan Corporation
    31. Earnest Operations LLC
    32. ReliaMax

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