Looking for a last-minute gift? You can help someone knock down their debt.
If your loved one doesn’t want a sweater, a chance to unwind or a Baby Yoda this holiday season, you can now give the gift of wiping out some of their student loan debt.
More than 44 million Americans have student loan debt, amounting to $1.5 trillion. Any little leg up will probably be appreciated. Student debts are crimping career plans, standing in the way of starting families and forcing people to delay buying homes. Bloch declined to give user numbers, but said users have a combined $250 million in student debt. The app has saved its users more than $6,000 in averted interest payments by telling people when to make larger payments, he said.
See also: This common strategy parents use to save money for their kids may not be as tax-smart as it seems And there are other services apart from Pillar’s feature that people can use to gift student debt payments or money for college. They include: • LoanGifting. The site lets users create pages explaining their debts, their backstory and their ambitions. The users can then invite their contacts to view their page. The donations are transmitted to the user’s student loans accounts. Accounts are free to open, but the site deducts a 5% fee from each donation.
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