Those who have graduated from a university in recent years most likely have the student loan debt to prove it.
According to Education Dive, student loan debt has risen by 157 percent in the past decade.
However, recent graduates and longtime graduates may be able to eat their way to a debt-free life. Burger King is offering up to $250,000 in student loan payments through a contest, Whopper Loans. Participants have to download the app, make a purchase and then enter their monthly student loan payment.
From May 23 to June 6, those who make a purchase through the BK Mobile App, in store or mail in a submission, can be entered to win the contest. However, a person can only make one purchase per week.
In America, student loan debt has surpassed more than $1.5 trillion with nearly $44.7 million paying on their student loans. The fast food retailer will draw 150 prizes weekly, selected by a randomized drawing. On June 13, there will be one grand prize drawing conducted from all eligible entries. A total of 301 prizes will be given away during this promotion.
The grand prize consists of up to $100,000 paid toward someone’s student loan balance. The 300 weekly prizes will be $500 applied to a winner’s monthly student loan debt service.
Winners of prizes will be notified via email within three days or as soon as possible, according to the rules of the contest.
Burger King, in collaboration with Earnest, is offering a way for students to get a $200 bonus when they sign up to refinance their loans. Even if they don’t win, they may be able to get a little extra cash to help.
According to Nitro, a researcher in the student loan crisis, one in four U.S. adults has existing student loan debt. The average student loan debt is around $32,000, up by about $20,000 from 2006. Most borrowers are paying close to $400 on their student loans per month.
According to CNN Money, about 42 percent of people who have attended college used student loans to pay for school.
“A majority of them took out student loans, but 30 percent had some other form of debt, like credit card debt or a home equity line of credit, according to a Federal Reserve report based on a 2017 survey,” CNN Money reported.
With the frequency of delinquent payments at 11.5 percent, Burger King’s contest offers a little relief to graduates just trying to get by. As far as a contest goes, it may prove a great marketing ploy to get more Whoppers in the hands of millennials.