Here’s how to knock down your student debt this holiday season

Personal Finance


This holiday season could be a good time to knock down your student debt.

Gift of College, an education registry, lets people register their student loan account, and then share their profile with friends and family who can contribute funds toward your loans.

“Wouldn’t you rather get Aunt Emma to kick in toward your student loans than give you another ugly sweater for Christmas?” said Nadine Perry, director of marketing at Gift of College.

If you’re doing gift swaps with your friends, you can even ask for a Gift of College gift card, which can be redeemed as a payment into any student loan account. (Here’s a directory of where the cards are sold).

As student debt grows, so do the plans to squelch it.

Some of the ideas are pretty creative: New Jersey, for example, considered establishing a lottery for borrowers burdened by student debt. Other ways of garnering money to eliminate your education debt don’t rely on luck, but rather require rolling up your sleeves or boning up on historical facts.

Keep in mind, however, that these endeavors aren’t free aid. The funds, even money offered by an organization in return for volunteer work, are taxable.

“All money you receive for volunteering or win on a trivia app or lottery is considered income by the IRS,” said Mark Kantrowitz, a student loan expert.

Here are some of the ways to get other people to pay off your debt.



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