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There are many ways you can reduce student loan debt. You may qualify for student loan forgiveness, be able to discharge your student loans or even have an employer who is willing to offer student loan repayment assistance. You could also win money to pay off student loans.
In fact, there are a variety of contests and sweepstakes that could pay your student loans.
Natural Light
Domestic beermaker Natural Light wants to help erase student loan debt.
The #NattyStories Contest is open to any U.S. resident 21 years old or older, who was enrolled in an accredited college in the U.S. in the last 15 years. Twenty-five winners will each get $40,000 to pay off their student loans – a total of one million dollars.
The contest ends March 21, 2021, and there’s no purchase required.
There are three ways to enter. All involve posting a video to either Facebook, Instagram or Twitter “showing us how you’ll celebrate paying off your student loans” while including the Natural Light logo and the hashtags #nattystories, #contest. There are other rules and limitations, so visit their website before you enter.
Sallie Mae Sweepstakes (expired)
The Sallie Mae Swipe Away $10K Sweepstakes offers you a chance to win once per month until September 30, 2020. There are five ways to enter. Become a Sallie Mae Accelerate or Ignite cardholder, make a transaction with that card, share the sweepstakes on Instagram or Twitter, share the designated credit card image on Instagram or Twitter or complete a mail-in entry.
Even better, the Sallie Mae Accelerate card is a good option for those with student loan debt in the market for a new card. The card offers 1.25% cash back on all purchases, plus a 25% bonus when you use your cash rewards to pay off any student loan you have – both federal and private.
First Aid Beauty
First Aid Beauty has also announced a contest to give away $1 million to pay off student loan debt. Applicants must fill out an application and submit a video of your student loan story – why did you take out student loans, how has student loan debt impacted you and what would you do differently if you didn’t have to worry about student loans. Winners could receive up to $100,000.
TRU TV’s Paid Off Game Show
Paid Off with Michael Torpey gives college students the chance to test their knowledge for a chance to win money to help pay off student loans. One lucky winner gets a chance to win the total sum of their student loan debt in cash. This year the game show will award more than $1 million in student loan payoff throughout the season.
Other Ways to Pay Off Your Student Loans
Consider refinancing for a lower interest rate
Refinancing student loans may lower your interest rate, which could save you money. Since you’re able to put more money towards the principal balance, you could eliminate student loans faster. Keep in mind there are pros and cons to refinancing student loans, including losing perks if you have federal student loans. If you refinance federal loans, you’ll lose the option for income-driven repayment plans, any federal forgiveness programs, generous deferment options, death and disability discharge, and more.
Find an employer who will help you pay your student loans
Many employers offer employees student loan repayment assistance as a job perk. SoFi, Staples and Fidelity Investments are just a few of the companies that offer this perk.
Research if you could qualify to have your federal student loans forgiven
Public Service Loan Forgiveness allows those working in public service jobs, including law enforcement, public education, public health and military service, the chance to have their student loans forgiven after 10 years of full-time work. There are also other programs for federal student loan forgiveness for the following professions: Doctors and Healthcare Providers, Dentists, Lawyers, Military, Nurses, Teachers, Veterinarians and Volunteering.
Make a big move (or small moves) to pay down your student loan debt
There are big moves you can make to help pay student loans – move to an area that will help repay your loans, downsize your home (a tiny home, perhaps?), move to an area with a cheaper cost of living, find a better paying job or start a side hustle.
Small moves add up, too. There are many ways you can earn more money or save money to pay off student loans faster.
At Savingforcollege.com, our goal is to help you make smart decisions about saving and paying for education. Some of the products featured in this article are from our partners, but this doesn’t influence our evaluations. Our opinions are our own.
