What it Is really like to win Cash to pay student loans down

Since the U.S. student loan balance surpasses $1.5 trillion, a trio of competitions guarantee a lucky few a shot at placing a dent in debt.

Though the majority of the over 44 million people with student loan debt can’t count on winning an oversized novelty check to pay off their balance, they can turn to tried-and-true strategies like income-driven repayment plans to reduce monthly payments or refinancing to repay student loans fast.

But for a group, relief is brought by these games. Hereare three winners share facts about what it’s like — and exactly what it takes — to win.

‘PAID OFF’ GAME SHOW

It returns for another season in May.

Jodeci Richards of Atlanta won almost $10,000 on the show — about enough to wipe out her loans from Florida State University. She filmed the series in March 2018, but didn’t get the payout until after the episode. Meanwhile, she continued .

“I didn’t need to drop behind,” she states. “Navient, Sallie Mae — they get a bit antsy.”

BEHIND THE SCENES: The procedure was lengthy, beginning with an in-person callback telephone calls, video interviews, a Google form application and a background check. Richards said she was.

“If this is true, they are not going to deliver a Google kind,” she remembers thinking.

“I ended up actually attempting to do some background check on their desktop checkers, since I wanted to cover myself.”

NATTY STORIES CONTEST

Under its Natural Light brand, Anheuser-Busch is giving away $1 million to assist 70 people pay college debt in 2019 down.

To enter, a video must be posted by student loan borrowers about the reason they went into college by May 18 to websites. The video should include the green tab located on limited-edition cans of Natural Light, along with also the post must contain #NattyStories along with #Contest.

RJ Young, 31, of Tulsa, Oklahoma, won $40,000 from the 2018 contest. His entry explains he had student loans to cover it, although that he moved to learn to tell compelling stories. Young has a bachelor’s, master’s and is pursuing a Ph.D. in English. He quotes that he owed over $100,000 prior to winning.

(Richards’ winnings were taxed.) After Young received his test he used a few of the cash to employ an accountant. The remainder stayed in his bank account for almost a year through the way his 2018 income taxation changed while Young sorted.

“it is a first world-problem,” Young says. He warns prospective winners to”be careful who you speak to about it. Not everyone wants to assist you.”

GIVLING APP

Givling is crowdfunding effort and a game in which users play for cash prizes and $50,000 toward mortgage repayment or pupil loan.

Players win $50,000 in loan repayment by getting into the very top of Givling’s queue. They scale the queue by simply playing trivia, seeing advertisements, buying product, purchasing coins to perform trivia and utilizing.

The prizes are funded by the program — also makes cash — from merchandise revenue sponsorships and coin buys. Once enough is raised, the player at the top of the lineup wins $50,000 and the process repeats for your next-in-line participant.

Rosheeda Sylvestre, 36, of Brooklyn won in March. At that moment, she had roughly $52,000 in student loans staying, down in the roughly $100,000 a master and she owed for two bachelor’s degrees.

The money is used right to winners’ loans eight weekly installments; Sylvestre quotes she’ll be debt-free by May.

BEHIND THE SCENES: gamers get two free trivia games but the many players fall tens of thousands of bucks to race.

Sylvestre says that she spent approximately $10,000 on postcards and coins offers, and $11,000 online merchandise. She also used a 0% credit card that she plans to repay before interest accrues. She also donated the product she purchased and maintained it as a tax write-off. In total, approximately $21,000 was spent by her more than nine months.

The loan repayment prizes of givling aren’t taxable since they’re crowdfunded, states Givling Chief Marketing Officer Seth Beard. The trivia cash prizes are taxable.

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The private finance website NerdWallet given to The Associated Press this article. Teddy Nykiel is a writer at NerdWallet. Email: [email protected] Twitter: @teddnykiel.

RELATED LINKS

NerdWallet: The way to pay off student loans fast http://bit.ly/nerdwallet-pay-off-student-loans-fast

“Paid Away Using Michael Torpey” program https://docs.google.com/forms/u/1/d/e/1FAIpQLSefUU91LExKB4gCajZA48U5ktXvowFyrEBqWmc7ra2OxZPvOg/viewform

Givling https://givling.com/givling/



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