Figuring out how to pay of debt can be a little overwhelming. The Qoins app aims to make it a little easier by rounding up your purchases to the nearest dollar and applying that spare change directly to paying down the debt.

Read more: 10 tips to become debt-free as quickly as possible

How to reduce your amount of student loan debt

While apps like Qoins are great, remember there are ways to avoid student loans all together!

Start at a community college

Sure, starting out at a community college may not seem like the most fun. However, attending a two year community college will allow you to get your general education for a fraction of the price of a four year school. 

Stay in state 

The National Center for Education Statistics shows that on average, it costs $8,990 more for a student to attend college in a state where they are not a resident. Because of this, many students choose to attend college in their home state.  

Read more: Tips to avoid student loan debt

Stay away from private loans

If you have to borrow money keep one thing in mind, never borrow any private student loan money. Private loans carry very high interest rates so they'll cost you a lot more in the long run. Private lenders are also less lenient when it comes to repayment. 

Student loans 101: Everything from how much to borrow to paying it off