Pay Off Your Student Loans on a Game Show - Paid Off Is the Jeopardy of College Debt

Pay Off Your Student Loans on a Game Show - Paid Off Is the Jeopardy of College Debt

Submitted by Rachel R on Tue, 09/04/2018 - 8:32am

Pay Off Your Student Loans on a Game Show - Paid Off Is the Jeopardy of College Debt

Gaming your way out of student loan debt

Image by Nhia Moua via Unsplash

Student loans are no fun, but a new TV show would convince you otherwise. While college debt continues to rise, Americans are looking for new and creative ways to unload their student loans. A new game show on Tru TV aims to put the fun in finance and help contestants eradicate debt.

Paid Off does just that

In one of the most creative twists to wiping out student loans, the new game show Paid Off offers players an opportunity to put their knowledge to the test. If they show off their school smarts, they can win a grand prize of total freedom from student loans.

The show, hosted by actor and comedian, Micheal Torpey, premiered July 10 on Tru TV. It puts the all-too-real issue of student loans directly at center stage (quite literally) and sheds new light on a growing national financial crisis.

Playing the student loan game

Paid Off sees three contestants battle it out in three rounds of trivia, with one contestant eliminated after each round. The rounds include knowledge of academics, college life, and general knowledge or info based on their major.

The last contestant standing then goes against the clock in a final round to answer as many questions as possible. The more questions they answer correctly, the larger the percentage of the debt paid. The ultimate prize is Tru TV paying off 100% of their student loans.

Everyone’s a winner on Paid Off

While only the final round players have the chance to wipe out all their student loans, everyone who plays is a winner. No contestant leaves with less than $1,000. Of course, the winnings are subject to taxes, just like winnings from any game show.

Plus, unlike other shows, the understanding is that everything won should be put towards the contestant’s student loans. The show is the latest in a long line of initiatives emerging to help debtors get rid of their student loan debt.

Student loan debt crisis

With over 44 million Americans currently neck-deep in student loan debt and a total debt load of $1.5 trillion (and climbing daily), student loans are a burning socio-economic issue that no one can afford to ignore any longer.

Unaffordable student loans have grads looking at all sorts of options to pay off debt ranging from getting someone else to pay the loans to exploring loan forgiveness options, income-driven repayment plans and thinking out of the box.

Options for student loans

One approach to student debt gaining ground recently is employer-assisted student loan repayment programs. Many employers are launching initiatives where they pay directly towards employee student loans at a set dollar amount each month.

Other programs reward employee debtors by contributing matching funds to their 401(k), so they build up retirement savings while also conquering their student debt. If you’re stuck with college loans, it’s worth asking about this benefit while interviewing.

Other student loan options

Government-powered options like Public Service Loan Forgiveness (PSLF), Income-Driven Repayment Plans, and Debt Cancellation exist. However, a common complaint is these options are very restrictive or inadequate to cater to the teeming numbers of student loan debtors.

Some people can afford their student loans, but others simply cannot. It’s the only form of debt authorized without regard to the ability to repay and that makes it dangerous debt. If you’re stuck with loans, Paid Off might be something to consider. It’s the Jeopardy of student loans.

Bankruptcy as a solution

If you can’t afford your student loans because of extenuating circumstances, you might qualify for bankruptcy relief. Some courts are relaxing the standards of “undue hardship” – the standard to meet for a discharge of student debt in bankruptcy.

For consumers who are older, chronically ill, disabled, perpetually low earners, or meet other criteria that prevent them from paying their student loans, discharge may be possible. If this sounds like your situation, talk to a bankruptcy attorney experienced in student loan debt relief.

Read reviews from our satisfied clients, then contact the Law Offices of John T. Orcutt. Call +1-919-646-2654 to schedule a free student loan debt consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.

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