PAYING STUDENT LOANS DOESN’T HAVE TO SUCK
Target, an optimistic brand with a philanthropic heart
Target, the major US retailer, believes in selling affordable products without sacrificing quality of life. This is an initiative I proposed for the brand based on their existing model of giving 5% of profits to philanthropic causes annually.
Every second, nearly $3000 is added to national student debt
Student debt is crushing America’s young people just when they need to become financially established. 66% of grads carry an average of $35k in student loans and 2 in 5 loans are delinquent within 5 years.
Student Loan Holders
These are determined people who went to school to build a better future for themselves. They hoped to leave behind the broke college life but instead face decades of crippling payments that keep them down before even getting started.
The Creative Challenge
Help loan holders feel motivated to tackle their loans every month.
It’s hard to care about the long term benefit of paying loans when there’s no short term reward.
The Big Idea
Gamify loan payments to reward positive spending habits.
Target rolls out a debit card where recent grads earns rewards for paying down their student loans. The grads build a payment strategy at the Aim website, and then have tools to help them follow their progress online and through the Aim app.
AIM CHALLENGE CARD
This debit card is based off Target’s already existing credit card, but instead of giving you rewards for spending money, it gives rewards for paying your loans. The card progressively fills with better rewards and bonuses with each goal reached.
The meat of this program lives on the AIM Challenge website, www.stayafloat.com. Here users can learn about the program, sign up, and manage their account. The Challenge Manager is where they can see how they’re doing on their monthly goal, what upcoming rewards they can look forward to, and get a sense of their finances as a whole.
This app is meant to help you make good spending choices while you’re on the go. It has tools to check prices and find the best rates before buying. It also acts as a buddy system by calling you out when you make good or bad financial choices.
Reaching students before they began making payments was important. Outreach at colleges would be aimed at seniors and were meant to remind them of the burden awaiting them on the other side of graduation.