Student loan debt remains a top issue among 2020 presidential candidates. Some Democratic presidential hopefuls propose tuition-free colleges and wiping out student debt.
Two former Georgia State University students who are in their 20s are already doing what they can to tackle the issue through their mobile app, Qoins.
Atlanta is No. 2 on the list of metro cities with the most debt this year, according to Lending Tree.
"Once I found out that I have that problem I tried to see, you know, what other people may have run into the same problem and I found out there was almost, you know, all Americans," Christian Zimmerman, co-founder of Qoins.
About $1.6 trillion is how much is owed in federal student loans. Each year, nearly 12 million students borrow $100 billion from the federal government to attend a college or trade school.
"A lot of what isn't told to parents or students in general is kinda like what can come afterwards or what you don't know what the repercussions are afterwards," Zimmerman said.
In just a few years, Zimmerman and Nate Washington have helped more than 60,000 people whittle down their debt with Qoins.
"To date we've helped people pay off close to $10 million worth of debt so far," Washington said.
The app can round up your purchases and apply the change toward your debt on a monthly cycle.
"If you make a purchase for $3.50, you know we round it up to $4 and take the fifty cents and automatically apply it to your debt," Washington added.
"A lot of people would argue that, 'Oh I can just make monthly payments on my own, but most people don't so we try to build that habit so you can start to see the impact that you can make by making little changes," Zimmerman said.
The two Georgia State alums say that within the app you can also talk to a financial adviser while in college to better guide you through the process of repayment options.
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