Q. How much does it cost to use ChangEd?
A. ChangEd is free to download on the App Store and free to Altra members. ChangEd normally charges a $1/month fee. Altra is currently covering this cost.
Q. How can I find my student loan info?
A. Visit ChangEd’s resources page to help find all of the required information. There you will see a list of some of the most common servicers. They are working on adding servicers regularly. If you need help filling out your student loan information please email – [email protected]
Q. How secure is my information?
A. We’ve worked really hard to make sure all ChangEd members have their information secure. This includes your banking credentials (which are never stored on our servers and are encrypted via bank-level security standards), Personal information (which is kept in a secure database for payment and account set up purposes only), and anything else that you share with ChangEd!
Q. How are my transactions rounded up?
A. Once you link your main spending account, ChangEd analyzes your spending and makes transfers to your personal FDIC-insured ChangEd account. ChangEd makes transfers when your accumulated change reaches at least $5 in roundups. ChangEd also never withdraws more than $10 in one day in case you go on a spending spree and a ton of roundups occur.
Q. What is a servicer?
A. A servicer is a company that manages/services your loans. Think of it this way…If you borrow a federal loan, you are borrowing money from the government. The government then gives that loan to a servicer to manage all of your payments. Examples of servicers: Navient, Nelnet, Great Lakes, Mohela, Etc.
Q. Not seeing transactions?
A. Once the transactions post from your Altra Federal Credit Union Account, they will post in your ChangEd ChangEd app within a few hours.
If you just signed up and made purchases, please give it at least one day to see transactions. If it has been more than 24 hours and you are still not seeing transactions, be sure to check you have the right account selected to be analyzed for roundups. It can be a possibility that a savings account was selected to be analyzed instead of a checking account.
If this is the case, please give it a day from selecting the account to see transactions to post due to ChangEd analyzing future transactions and not previous transactions. To see what accounts are selected for roundups please go to settings–banking–your linked account–and select “choose accounts to roundup”. Be sure to click confirm after reselecting.
If you have checked these steps and still feel transactions aren’t showing, please email us at [email protected].
Q. How are my payments applied?
A. Most federal loan servicers have strict guidelines they have to follow. Additional payments go towards late fees first (if applicable), interest second, and then principal. It kind of stinks but you will still save, SAVE A LOT if you make additional payments! On the other hand, private student loans have a bit more leniency. You can send them a letter stating that you want all additional payments sent to the principal of your loan. If you haven’t done this yet, shoot us an email at [email protected] and ask for our template to send to servicers. It’s super easy to fill out and will save you even more!
Q. When are payments sent?
A. Payments are sent after you accumulate $100 of change roundups in your ChangEd account. This gives enough time to verify your loan info and streamlines payments. This will also let you monitor how much you’re saving and see how much each payment affects your loans. Think you’ll never get to $100 in spare change saved?? Average users save $30-$50 each month! That’s going to make an impact on those loans.
Q. Not seeing a payment?
A. Getting your payment to your student loan servicer ASAP is very important to us. Payments take 5 to 10 business days to be visible on your student loan portal. Most payments are sent electronically, sent directly to the loan servicer, and post within 5 days. Certain loan servicers still require paper checks and can lead to longer payment processing.
If it has been some time and you don’t see your payment posted, please feel free to email [email protected] We are here to help you achieve student loan freedom and want to make sure your payment hits your loan to knock out interest and time off your loan term! Each penny counts!
Q. I have multiple loans under one servicer, can I direct a payment to a specific loan?
A. Possibly. Most servicers allow payments to be directed to a specific loan. When signing up to ChangEd, you will input your main account number that your servicer gives you. You may also see multiple individual loans under your account. These loans usually have some type of loan identifier which usually are a series of numbers or letters. If you’d like to direct your payment to a specific loan please email with your loan identifier at [email protected]. To find the correct account information click here to be directed to a resource page.
Q. Can I link my credit cards? How does that work?
A. Yes! You can analyze transactions for roundups from a linked credit card. Simply add a checking account to fund your transfers first. (e.g. Add your Altra Checking Account and later link your Altra Credit Card for ChangEd to analyze your spending and round up transactions.) In this case, we would round up transactions on your Altra Credit Card and make ChangEd transfers from your Altra checking account. We don’t want to be adding to your debt, right
Q. Can I save more than just rounding up my spare change?
A. VERY SOON! More saving features are being implemented.
Q. I’m a parent/spouse/loved one, Can I help pay off a loan for someone?
A. Yes! When signing up to create a ChangEd profile, please use YOUR legal name and when we ask for specific student loan info please input the primary loan holders legal name. If you borrowed a parent plus loan and you are the parent that borrowed please input your name again in the “Name on Loan” field. Please reference the “What is Name on Loan?” question below to get a better understanding. Have more questions about this? Email [email protected]
Q. What happens to my funds if I close my account?
A. Your funds are always yours! When ChangEd makes transfers they are stored in a personal FDIC insured account and sent directly to your loan servicer once you reach your payment threshold. If you choose to close your account ChangEd will refund your money back to your account.
Q. What is name on loan?
A. When creating a ChangEd account, we ask that you put the name of the account holder in the “Name on Loan” field. E.g. If your name is Lisa Smith and you are the primary holder of the loan, you would input Lisa Smith. OR If you are one of the amazing family members willing to pitch-in your change to help a loved one pay off a loan, you would create a ChangEd account in your own legal name but input the loan holders name in the “Name on Loan” field. Any questions? Email [email protected]
Q. Who can I contact with transfer disputes?
A. Bank services are provided by Evolve Bank, Member FDIC, through our banking software provider, SynapseFI. To report a complaint relating to the bank services, email [email protected]
Q. Institution error OR can’t connect?
A. If you encounter any issues linking your Altra Federal Credit Union account, feel free to email us at [email protected]. We’ll get one of our support members to get this issue resolved as soon as possible!
Q. Losing connection?
A. A lost Altra Federal Credit Union connection with ChangEd can happen for many different reasons. The most common reasons are changes to your Altra account.
Also, if changes are made such as updated passwords or new security questions are added to your Altra account, ChangEd will ask you to reconnect to maintain this security.
If you encounter any issues linking Altra Federal Credit Union feel free to email [email protected].