Introducing Our Student Loan Pay Off Contest
Helping Ease the Crisis
The Freedom Financial Network Student Loan Payoff Contest submission period is closed. We thank everyone for their submissions. Winners will be announced soon.
In the United States, more than 44 million Americans have outstanding student loan debt totaling more than $1.6 trillion. Student loan debt delinquencies are growing at a faster rate than other types of consumer debt, with 9.9 percent of student loan accounts “seriously delinquent”, at an annualized rate.
But Americans are drowning in other debt too – due in part to the significant burden of their student loans. Credit card balances continue to grow, auto loan delinquencies are up, and personal loan balances are spiking.
38% say student loan debt has caused them to lose sleep at night
But the impact of student loan debt goes beyond the financial component. Two-thirds (67%) of respondents of a recent Freedom Debt Relief survey said the cost of their college education has caused them to feel overwhelmed about their financial situation. 47% of respondents said their college education cost has contributed to mental or emotional health issues (e.g., anxiety, depression), while 38% said the cost has caused them to lose sleep at night.
In addition, recent company data found that 29% of clients enter Freedom’s debt relief programs with student debt at an average balance of about $43,000 – far greater than $36,000, the average balance for student loan borrowers across the country. Of the Freedom clients with student loan debt, 54% said they can’t save any money because of their student loan debt, and 58% said it causes them to feel overwhelmed about their financial situation.
We see the enormous impact student debt has on our clients, and there’s no clear solution in sight. That is why Freedom is going to offer a potentially life-changing gift to two of our clients by paying off their student loan debt – up to $40,000 each! It’s our way of helping more everyday Americans manage the burden of student loan debt.
Who is Eligible?
- An active Freedom Debt Relief client in good standing*
- Twenty-one (21) years or older at the time of application
- No longer attending an institution of higher education, including trade schools
- A legal U.S. permanent citizen
- Must have student loan debt
- Must be in repayment status
How to Apply
Apply by answering the question:
What advice would you give a younger you to avoid debt or better position yourself financially once you completed your education?
There are two options to submit your response:
- Upload a Word Document or PDF to submit your essay (750 words or less)
- Submit a YouTube video link (60 seconds or less)
For the video option, please be sure to follow these guidelines:
- Use “Freedom Debt Relief #ForgiveMyStudentLoans” in the title
- Include “freedomdebtrelief” & “forgivemystudentloans” in the tags
- Set your video to “public”
- Copy the video URL and include it in your application below
- Save a copy of the original file(applicants must provide a copy to Freedom Debt Relief upon request)
Application Opens – April 8, 2020
Application Closes – April 24, 2020
Winners Selected – May 6, 2020