Today, Americans owe more than $1.5 trillion in student debt. This hurts those just starting out who want to buy a home, build credit begin saving up for the future.
Young adults now have to dip into their 401(k) plans and those entering their 50s and 60s have to give up any hopes of retiring before age 70. But who would have thought Burger King would wear the white hat and ride in to save the day? Or at least try to?
The fast-food giant is sponsoring a $250,000 sweepstakes which will help a few lucky people pay off their student loan debt. But, before you think it is the big student loan payday it appears to be, read the details.
There are two weekly drawings, in which 300 have the chance to win up to $500, and the ultimate winner of the contest can win $100,000 to go toward paying off their student loans. Anyone who would like to enter the contest can do so through the Burger King mobile app. Just register your email, monthly student loan payment and you’re good to go. You don’t even need to buy Burger King food to participate.
The sweepstakes is running from May 23, 2019 to June 6,2019 and the grand prize winner will be announced around June 13, 2019.
Not everyone is thrilled about this Burger King contest, however. The promotion is receiving backlash from those who are accusing company of trying to capitalize on one of the biggest examples of financial hardship and gain favor on the back of the most stunning example of generosity this college graduation season.
Adam Harris of The Atlantic described the contest as the “dystopian genre of debt relief,” while some on social media argue that Burger King could eliminate the problem altogether for its workers with student loans by raising their wages, allowing them to join unions and offering better benefits and scholarships.
This contest comes on the heels of billionaire Robert F. Smith announcing in May that he would to pay the entire student loan debt of Morehouse College graduates— a total of $40 million— for the class of 2019.
Do you think Burger King could do more? Tell us in the comments or contact us for more information! Feel free to shoot us an email to on Twitter, Facebook, Instagram, LinkedIn, or even connect with us directly on our website!
About the Author: Aisha K. Staggers is a writer, lecturer, political analyst and literary agent. She appears weekly for “Staggers State of Things” on the Dr. Vibe Show. Her work has been published by Paper Magazine, AfroPunk, The Spool, GREY Journal, MTV News, HuffPost, Blavity, Atlanta Blackstar, For Harriet, New York Review of Books and a host of other first-run publications and syndicated outlets. Find her on Twitter @AishaStaggers. For more of her work, check out her page here!