Online trivia game helps raise to pay off student loans - WFSB 3 Connecticut

Online trivia game helps raise to pay off student loans

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Online trivia game helps raise to pay off student loans (WFSB) Online trivia game helps raise to pay off student loans (WFSB)

A recent study found that one out of nine student loan borrowers would eat a tarantula if it meant they could pay their debt off faster.

While noshing on spiders won't do much for your money problems, a new website is giving college grads a shot at paying down debt.

Eyewitness News looks into how gamified crowdfunding is taking off.

“I think it's ridiculous, Sam Randazzo, of South Windsor, said.

College graduates across the country are struggling to get out from under piles of student loan debt.

“I have about 200,000 dollars in student loan debt just from law school alone,” Alyssa Swaniger, of Milford, said. “So it's a little overwhelming.”

Financially-crippling payments to creditors have young professionals buckling under pressures to pay it off.

“Student debt is out of control,” Joshua Oyola, of Manchester, said.

But one company has a creative way to give people a shot at ending that tumultuous relationship with Sallie Mae.

The website is called Givling. It's an online trivia game that helps pay off student debt by the means of crowdfunding.  Players compete on teams by spending 50 cents a round.

Players answer true or false questions. That money goes into a pot until it reaches $10 million. Then, $5 million goes to pay off student loan debt.

Four million dollars goes to top three winners of the trivia game and $1 million goes toward future daily cash prizes.

The people, who need the debt help, don't have to pay a dime. They simply apply to be in a queue.  The debt gets paid off in the order that people sign up.

Eyewitness News talked to the California-based company, who said they saw the need to address a major social issue.

"There's great interest in games and, trivia...crowdfunding works,” Givling officials said.

They said they draw in tens of thousands of users with "daily cash rewards and millionaire potential."

But some said staying focused on bringing home the bacon is the foolproof way to pay off a loan.

“Frankly, the debt is piled on and I know I have to pay it back, playing games to kind of get rid of it doesn't really seem rational,” Swaniger said.

The company behind Givling said they have plans in the works to launch an app, so people can play on the go.  

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