BOSTON, Mass. - SmarterBank announced today the launch of the #CrushStudentDebt Sweepstakes, the winner of which will receive up to $25,000 to pay down (or completely crush) their student loan debt. Beginning Monday, May 14, students, graduates, parents or anyone with student debt can enter the sweepstakes at www.crushstudentdebt.com.
"Recent graduates are living in a world where the average student debt is around $25,000 and the job market has left 50 percent of them jobless or underemployed," Kevin Walker, co-founder and CEO of SimpleTuition the company behind SmarterBank, said. "That's a lot for anyone to deal with at the beginning of their career. We wanted this sweepstakes to offer someone the chance to make some of that pressure go away."
The #CrushStudentDebt sweepstakes ends May 31. One winner will be selected to receive student loan payments up to $25,000. There is no purchase, payment or account application necessary to enter or win the sweepstakes. And, entrants will be given the opportunity to earn additional entries in the sweepstakes when they share the contest with friends on Facebook and Twitter or open a SmarterBank online checking account.
Last month, SmarterBank launched an innovative online checking account that earns free rewards that help pay down any student loan. Designed for anyone with student loan debt, SmarterBank offers a full-featured online checking account that is accompanied by a revolutionary rewards program, called SmarterBucks. This program automatically makes extra payments to the principal of any student loan, saving borrowers hundreds or even thousands of dollars in interest over the life of a typical loan.
"I tell people that the key to getting out of debt faster is to chip away at their loan's principal, bit by bit. We created SmarterBank to make that easier," Walker said. "But you know what's better than chipping away at your student debt? Crushing it. And with $25,000, your loan won't know what hit it."