Why Not Offer a Student Loan Sweepstakes?
With student loan debt on the rise, we are seeing a lot of our clients offering sweepstakes or contests that provide debt relief to winners.
According to an article on Student Loan Hero “Americans owe nearly $1.3 trillion in student loan debt, spread out among about 44 million borrowers. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.”
If you have a strong student demographic or your audience consists of recent graduates, a student loan sweepstakes might be for you.
WHO IS ELIGIBLE
In order to be eligible, entrants must be able to evidence they have existing student loan debt. We ensure the appropriate language is included in the eligibility section of the official rules and also make sure its clear at the various points of entry.
WHAT TYPE OF STUDENT LOAN SWEEPSTAKES SHOULD I RUN?
There are a variety of structures you may choose to go with – you can do something as simple as an online entry form with a random drawing at the end. Or, you could get more complex and run an essay contest whereby the entrant has to explain how their student loan debt has impacted them. And, it doesn’t stop there. We’ve had clients run some pretty awesome instant win games (both online and at retail) surrounding student loan debt.
HOW IS THE PRIZE AWARDED?
Again, there are a lot of options here. You could pay the cash prize directly to the lender or give cash to the winner and leave it up to them whether they choose to pay down the debt or use the cash on something else.
Either way, we recommend ensuring the winners sign off on affidavits and their eligibility is confirmed prior to awarding the prizes.
WHAT WILL IT COST?
We quote out all promotions on a case by case basis to ensure we are charging our clients appropriately. We never want a client to have a surprise cost they didn’t budget for, so reviewing promotions individually helps us ensure we are providing all applicable costs ahead of time. Contact Us to brainstorm your student loan sweepstakes idea and we’ll provide you a quote within 24 hours or less!