Trying to chip away at student debt? There's an app for that

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There's an app that rounds up your purchases to help pay off student loan debt. (Source: 3TV/CBS 5) There's an app that rounds up your purchases to help pay off student loan debt. (Source: 3TV/CBS 5)
Fifth Third came up with an app. (Source: 3TV/CBS 5) Fifth Third came up with an app. (Source: 3TV/CBS 5)
A financial expert says the app can have a positive psychological effect. (Source: 3TV/CBS 5) A financial expert says the app can have a positive psychological effect. (Source: 3TV/CBS 5)
TEMPE, AZ (3TV/CBS 5) -

Student debt is at record levels.  

According to StudentLoans.net, there is roughly $1.4 trillion in student loans and that breaks down to about $28,000 per student.

Obviously, dealing with debt is an uphill battle but there could be a light at the end of the tunnel if you stay the course.  

Tackling the crippling debt can be stressful but a bank called Fifth Third has come up with an app that could relieve you of some of the stress. The app is called Fifth Third Momentum. Basically, if you go out and buy a latte for $4.12, the app rounds it off to $5 and that extra money goes straight to paying down your student loan.

Mike Sullivan is a financial expert for Take Charge America. He says an app like this can have a positive psychological effect.

"It's not as painful. If you say to somebody I want you to pay 20 extra dollars a month on your debt, somehow that's painful but when you get charged $4.20 for a cup of coffee instead of $4 that's not as painful," Sullivan said. 

Fifth Third estimates that if someone uses the app that they could cut out three to five years from a 25 year loan.

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