TAMPA (FOX 13) - A recent graduate from the University of South Florida is hoping an app he created will help students find a way to recoup a lot of the money they spend on textbooks.
The app, called Borrow'd, allows students to rent textbooks from other students on campus.
"The users themselves set the prices," explained Daniel Mall, the founder and CEO of Borrow'd. "You're no longer limited to the circle of friends that you have."
The app launched for iPhone users in April and for Androids last week. Mall compared it to Airbnb, which is a website and app that allows users to rent their homes or rooms in their houses.
Mall said he came up with the idea during his sophomore year when he resold a Pre-calculus textbook that cost him $200 for $70.
"This is a pain point for students. Students don't have another effective alternative for getting rid of their books," he told FOX 13 Monday. "You can make back the money that you spent on it over time."
According to The College Board, a website that helps families prepare for college, students pay an average of $1,200 a year on books and supplies.
Some USF students said they top that in one semester.
"I already paid like $2,000 for books. That's adding up a lot really fast," said Zachary Savoury, a junior who rented out one of his books for $21 Monday morning. "I'm thinking about using this money to buy a couple meals for the next couple weeks."
Mall said Borrow'd is quickly catching on; roughly 1,000 users have signed up so far.
"I see this really expanding and getting really big and helping a lot of students."
The app has about 5,000 universities in its database, although not all have students signed up yet.