Student Loan Contest FAQs
Any legal U.S. resident, who is 21 years or older, may apply if all of the following are true:
Yes. As long as you do not plan to return to college within the next 5 years, you may apply to the contest.
Once the winner is notified and their eligibility is verified, we will contact all student loan lenders to determine the amount owed. Payment(s) will be made directly to the lender(s) and will not exceed $50,000 in total. If the amount owed is less than $50,000, the winner will not receive any additional money. The award is strictly for the repayment of student loan debt, up to $50,000.
Yes. The money received is considered unearned income by the IRS. You will receive a 1099-MISC form for the total money paid to your lenders. You are responsible for including this income on your tax return and paying any/all taxes due. The amount owed will vary depending on your income and how much is paid to your lenders on your behalf.
Only applications and essays (or videos) submitted online will be considered or eligible to win.
For essay submissions, please be sure that they are 250 words or less. Those exceeding 2 words will be disqualified. You may submit the essay in the form of a story, poem, haiku or other creative written content, as long as it does not exceed the word limit. Essays will only be accepted through our online application. You will need to cut and paste it into the application. Please not that certain formatting may be lost due to technical limitations.
Our judging panel reviews videos when submitted. To be included on the MoneySolver YouTube channel and considered for the contest award, your video must meet the following requirements:
- Use MoneySolver #PayMyStudentLoans in the video title
- Include moneysolver and paymystudentloans in the tags
- Publish your video to YouTube and set as “public”
- Copy the YouTube URL link and include it in the online contest application
- Save a copy of the original file (applicants must provide a copy to MoneySolver upon request)
- Keep the length of the video to 60 seconds or less
- Keep the video active & public until April 1, 2020
If any of the above requirements are not met, or your video contains obscene or inappropriate content, it will be disqualified and not considered.
No. You will need to create an account and following all requirements listed in order for us to consider your video as a potential finalist. You may also submit an essay instead of a video.
I don’t know how to upload a video to YouTube. Where can I find help?
Once an application has been submitted, you can’t change your essay or video submission. If, however, you need to update your phone number or email due to a recent change, please email Tamara Krause at email@example.com.
It varies based on the number of applicants. New contests, such as ours, typically have fewer applicants than established programs. Fewer applicants = better chance to win!
A panel of qualified scholarship judges will read the essays and review the videos. Both are graded based on the following four categories: content, creativity, originality and overall excellence. The essay/video with the highest overall score will win.
We will notify the winner by phone and email. Once the winner has verified eligibility and accepted the award, we will place his/her name and essay on our winner’s page.
We will call the winner on or around April 1, 2020.