Page 25 - ARUBA TODAY

BUSINESS Monday 15 april 2019
A25

What it’s really like to win money to pay down student loans

By TEDDY NYKIEL tab found on limited-edi-
NerdWallet tion cans of Natural Light,
Associated Press and the social post must
As the U.S. student loan bal- include #NattyStories and
ance surpasses $1.5 trillion, #Contest.
a trio of contests promise a RJ Young, 31, of Tulsa,
lucky few a shot at putting Oklahoma, won $40,000 in
a dent in their debt. the 2018 contest. His en-
While most of the over 44 try explains that he went
million people with student to college to learn to tell
loan debt can’t count on compelling stories, but that
winning an oversized nov- he needed student loans
elty check to pay off their to pay for it. Young has a
balance, they can turn to bachelor’s, master’s and is
tried-and-true tactics like pursuing a Ph.D. in English.
income-driven repayment He estimates that he owed
plans to lower monthly over $100,000 before win-
payments or refinancing to ning.
pay off student loans fast . BEHIND THE SCENES: Prize
But for a select group, money is taxable income.
these games do bring re- (Richards’ winnings were
lief. Here, three winners also taxed.) After Young re-
share behind-the-scenes ceived his check, he used
details about what it’s like In this Jan. 9, 2019, file photo University of Georgia undergraduate students avoid walking under some of the cash to hire
— and what it takes — to the university arch on the first day of the spring semester in Athens, Ga. an accountant. The re-
win. Associated Press mainder stayed in his bank
‘PAID OFF’ GAME SHOW little antsy.” help 70 people pay down to social media by May 18 account for almost a year
TruTV’s “Paid Off With Mi- BEHIND THE SCENES: The college debt in 2019. about why they went to while Young sorted through
chael Torpey” pits contes- audition process was To enter, student loan bor- college. The video must in- how the winnings affected
tants against one another lengthy, beginning with a rowers must post a video clude the green dollar-sign his 2018 income taxes.q
to eliminate some or all of Google form application ,
their student debt. It re- then phone calls, video in-
turns for a second season terviews, an in-person call-
in May. back and a background
Jodeci Richards, 27, of At- check. Richards said she
lanta won almost $10,000 was a skeptic throughout.
on the show — about “If this is real, they’re not
enough to wipe out her re- going to send a Google
maining loans from Florida form,” she remembers
State University. She filmed thinking.
the show in March 2018, “I wound up actually try-
but didn’t receive the pay- ing to do a background
out until after the episode check on their background
aired in July. In the mean- checkers, because I want-
time, she continued mak- ed to cover myself.”
ing payments. NATTY STORIES CONTEST
“I didn’t want to fall be- Under its Natural Light
hind,” she says. “Navient, brand, Anheuser-Busch is
Sallie Mae — they get a giving away $1 million to

Coresight: US store closures

this year exceed 2018 total

By ANNE D’INNOCENZIO The number of closures
Associated Press indicates that traditional
NEW YORK (AP) — U.S. store retailers are struggling to
closures this year are al- respond to shoppers’ in-
ready exceeding the total creasing shift online even
for 2018, says a key global as they’re working hard to
research and advisory firm. reinvent their businesses.
Coresight Research, which Plenty of chains are shrink-
tracks store openings and ing their footprint.
closings, said Friday retail- Gap Inc. said last month
ers have announced 5,994 it would close about 200
store closures and 2,641 Gap and Banana Repub-
store openings as of early lic stores in the next three
April. years. Discount chain
That compares to 5,864 Fred’s said earlier this week
closures and 3,239 open- that it would be closing 159
ings for the full year 2018. stores.q