Could a game show really help you pay off your student loan Debt?
Nearly 40 million Americans have student loan debt and about 70% of bachelor’s degree recipients graduate with debt. The U.S. has a huge student loan debt problem, approximately $1.2 trillion of debt. Millions of borrowers work tirelessly to slowly pay off their student loan debt, but a new game show is offering to pay off student debt with one big fat check.
The comedy trivia show “Paid Off!” is a 16-episode game show series hosted by Michael Torpey on truTV. Contestants compete in fast-paced rounds of trivia to win the ultimate prize, an end to student debt. The show has already given away half a million dollars. Contestants can win between $20,000 and $80,000 depending on their student loan debt.
How to Appear on “Paid Off”
According to the production company, “Paid Off!” is geared towards millennials that are drowning in student loans. They put contestants to the test with trivia topics including everything from current events to politics and geography.
Each episode puts 3 contestants head to head. The last player standing at the end of each episode goes home with money to put towards their student loan debt.
There are multiple ways to get casted for the show. You can join the casting website backstage.com. You can also set an alert to be notified when the show is conducting open casting calls.
Ways to Pay Off Student Loan Debt
If you aren’t a wiz at trivia, there are other ways to pay off your student loan debt faster. The sooner you pay off your student loans, the less you’ll pay overall. Here are just a few ways you can pay off your student loan debt sooner.
Make extra student loan payments
One of the best ways to pay off student loan debt faster is to make an extra payment. There are no prepayment penalties for making extra payments. You may need to contact your student loan provider to set up additional payments or pay over the phone. You’ll need to explain that you want to put your extra payments towards the principal balance, and that you’re not prepaying for next month’s bill.
Apply for Loan Forgiveness
There are two types of student loan forgiveness programs that you may qualify for. The Public Service Loan Forgiveness program can help student loan borrowers with federal student loans enrolled in a federal repayment plan who are also employed full-time in an eligible state, local or federal public service job or non-profit job who have made 120 eligible on-time payments.
You can qualify for the Teacher Student Loan Forgiveness program if you are a full-time teacher with five years of teaching experience in a designated elementary or secondary school or educational service agency that services students from low income families.
Refinance Your Student Loan Debt
Refinancing your student loan debt is often the best way to lower student loan interest rates. Student loan refinancing allows borrowers to pay off their existing student loan and assume a new loan with a lower interest rate. There are many private student loan lenders who offer student debt refinancing and offer both fixed and variable rates.
Each lender has their eligibility requirements. Apply for free quotes to compare rates and choose the best refinancing option.
Student loan debt is a serious problem in this country. While competing on a game show isn’t an option for everyone, there are multiple steps you can take to pay off your student debt faster.
This post is not intended to be a solicitation for a loan. Pomo One Marketing, Inc. provides these blogs for entertainment and informational purposes only. Remember to consider all your financial options before making any decisions related to credit.