Did you know that the average U.S. household with student loan debt has a balance of $47,671? Yep, you read that right. In a country where more than 44 million Americans have student loan debt, it’s normal to feel held back by trying to pay for college. While the current state of student debt sucks, there have been great things to come from this crisis. One of those silver linings? Coming across a student loan payoff contest that could free you from some (if not all) of your bill.
In fact, we’ve just announced our very own #PayMyStudentLoans Contest. One lucky grand prize winner of this student loan payoff contest will have up to $50,000 in student loan debt paid off by yours truly. If you fall near the average balance of most U.S. households, your student loan debt could be completely wiped out. Can you imagine what that could be like – a life free from the shackles of your student loans?
If you didn’t have to pay off up to $50K in student debt (thanks to our student loan payoff contest):
You could start saving for your own house.
When you’ve got student loans compiling interest, it can feel impossible to reach certain goals like buying a house. There’s nothing wrong with renting. However, if it’s your goal to own a home, it can be tiring to lack the security and financial equity that home ownership brings.
The Federal Reserve Bank of New York estimates that 400,000 people would have owned a home in 2014 if they had not been bogged down by their student loan debt. If you were to win a student loan payoff contest though, you would be able to start squirreling away that money towards a down payment on a house instead of spending it on monthly payments.
You could invest in your retirement.
When you graduate college or university and see that first shocking student loan debt bill, your first instinct may be to try and pay it all off ASAP. You may even forego paying into a retirement fund to make strides in your student loan repayment. But many experts agree that trying to pay off your loans faster in lieu of investing in your retirement can make you poorer in the long run.
Your personal finance situation can take a bad turn for the future if you focus your energy toward student debt. And you don’t want to become one of those people who somehow end up in retirement still paying back student loans on a monthly income that’s strained by a lack of planning. No one wants student loan debt to follow them to the grave.
You could buy a new set of wheels.
Okay, so maybe you wouldn’t be able to get a Tesla for the $50,000 you wouldn’t have to pay back on your student loans. But if you’re driving around an unreliable junker by necessity right now, having that student loan debt lifted off your shoulders could open your options for a safer car. There’s nothing better than trading in a tune-up car for a total vehicle upgrade.
You could travel the world.
In today’s world, experiences are becoming just as valuable as material goods. And the best experience of all is traveling to new places and experiencing different cultures.
With student debt bearing down, most student loan borrowers aren’t going to take a flight to a new, exciting place. How are you supposed to pay for airfare when you’re struggling to even make that monthly payment?
But if some of your student loan debt wasn’t there anymore, you could open your mind up to the jet-setting possibilities. Did you know that a year-long trip around the world costs about $24,000? With up to $50K of your student loan debt paid off, you’d be able to experience all that this world has to offer.
You could just kick back and enjoy some serious peace of mind.
The best thing that could come from having up to $50,000 in student loan debt paid off? The peace of mind.
Picture it: you’re falling asleep at night. Suddenly, you’re not kept awake at night by thoughts of your current default on your student loans. You sit down to binge the latest show on Netflix. Somehow, you’re not distracted by the pinging email reminder that you haven’t made your monthly student loan payment yet.
There’s no doubt. Life without student loan debt constantly knocking on your mental door would be so sweet. Sure, the financial perks of having your future income available for other investments are valuable. But the mental perk of being free from student debt is invaluable.
Entering our student loan payoff contest is easy.
What would you do with the extra money if you didn’t have to pay off your student loans? That’s the big question we’re asking in our #PayMyStudentLoans Contest. There are so many good answers to this question, but we want to know yours.
All you have to do is submit your response with an essay of 250 words or less or a YouTube video of 60 seconds or less. The deadline is January 31, 2020. The grand prize winner will be notified on or around April 1, 2020.
For more details and to enter today for your chance to win, click here or click through the image below.