Today we’re excited to announce the launch of Pillar’s newest feature, Boost. Boost allows your friends and family to make contributions towards your student loans—it’s just like crowdfunding, but the money goes directly into your student loan accounts.
Experts agree that student loans are worth it, but that doesn’t make the debt easier to pay off. The average person who graduates with debt will spend over 20 years of their life making student loan payments.
At Pillar we’re on a mission to help Americans with student loans get out of debt faster. So this holiday, we encourage you to put money for your student loans on your wishlist. Unlike yet another gadget, pair of PJs, or coffee mug, a student loan payments is a gift that keeps on giving. A $100 contribution from friends and family is worth $185 of savings, so it doesn’t hurt to ask for Boost instead of presents!
Setting up Boost takes under a minute:
- Login to your Pillar account. (Not a Pillar user? Create an account and proceed to step 2 once you get access.)
- Tap the menu icon in the upper left-hand corner, and select “Raise Money”
- Enter a dollar amount for how much money you are looking to raise
- Tell your story—let your friends and family know why you’re raising money for your loans
- Add a photo of yourself
- Share with your loved ones!
Pro-tips for getting the most out of Boost:
- Explain why you are doing this. The more compelling your story, the more people will want to contribute. Don’t be afraid to tug on those heartstrings!
- A photo will reassure your family—especially the ones who fear tech— that they are giving to the right person.
- Share your story. Be sure to include why paying off your student debt ASAP is important to you. Successful fundraisers may include your favorite memory from college, or what your student loan debt is preventing you from doing (Buying a home? Getting married? Starting a family?)
That’s not all….
To add to the excitement—we’ll be getting into the holiday spirit and kicking off 7-days of giveaways on December 19th. If you have a Boost, you could be surprised with an extra payment from Pillar towards your student loans. All you need to do to qualify is set up your boost page and follow us on Instagram for updates!