INDIANAPOLIS – Paying off student loan debt may be as easy as buying your favorite outfit or morning coffee.
Momentum, an app released by Fifth Third Bank, will allow users to pay an extra dollar toward student loans with every debt card swipe, or round-up to the nearest dollar. The payments are extra, and don’t replace monthly bills.
College graduate Jacob Shaffer, who accumulated about $30,000 in loans, said the app has been helpful.
“It's something that helps pay back the loan quicker without me feeling the burn of feeling the pain of paying in one lump sum,” said Shaffer.
Though Fifth Third doesn’t offer student loans, they work with dozens of providers.
“We believe we can help the average student loan debt individual over 20 years pay down the loan 3 years faster with 8 percent less interest,” said President of Fifth Third Steve Alonso.
Officials with the bank's biggest competitors in Indiana like Chase, PNC, and BMO, said they have no immediate plans on rolling out a similar app for mobile devices.
Users can also set up their Fifth Third Bank debit card to make payments on a friend or relative’s college loan.
Learn more about Momentum here.
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