Boost will allow for friends and family to gift payments to help someone paying off student loan debt. The payments will be automatically applied toward a person’s balance.
“This year for the holidays I’m asking for the gift of knowledge! I am so grateful to be a medical student but this profession comes with a lot of debt. I’m so excited to share Pillar’s Boost feature with my family and friends so that they can support me while I continue my education — a gift that shows how much they care about my goals,” said Abi, a 22-year-old medical student. “Without Boost, I would definitely not be able to ask for student loan help — but I think this is a fun and interactive way to ask for something I actually need!”
Student loans are the second largest type of consumer debt in the country, and 45 million people in the United States owe about $1.7 trillion in loans. The average amount is $30,000, which takes about 15 to 20 years to pay off.
“One in four American households carry student loan debt, which makes purchasing gifts or spending extra during the holidays particularly difficult,” Pillar Founder and CEO Michael Bloch said in the release. “Boost helps destigmatize this debt and brings the conversation mainstream, while also providing a simple way for friends and family to contribute towards their loved one’s financial well-being. This is just one step towards a suite of tools that Pillar will offer to help people get out of debt faster and save money.”
The promotion will run from Dec. 17 through Jan. 6, and Pillar will even surprise some users with extra payments toward their student loans, from $25 to $250.
“This year, instead of asking for gifts for Christmas, I’m asking for contributions to help me pay off my student loans,” said Brittany, a 33-year-old executive assistant. “Bethany and I are beginning the process of starting a family, and I want to be free and clear of student loans to focus on the expenses of growing a family! It will truly be a huge blessing and the greatest gift you can give us this holiday season!”