How These Borrowers Got Help Repaying Loans by Knowing Trivia

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If you have a mind for trivia night at your local bar — but not for your student loan repayment — listen up.

A mobile trivia app called Givling is using advertising revenue to help crowdsource its users’ consumer debt, including student loans. There were more than 450,000 users at last count, and since the company’s founding in 2015, more than 5,000 of them have shared $3.1 million in prize money. The site lists almost 60 student and home loans that have been repaid to date.

To find yourself in the winner’s circle, you’ll need to put forth some time and effort, but if you’re as fortunate as the four borrowers below, it might pay off.

How Givling works

Users can play two rounds of trivia for free each day on the app, then purchase additional rounds for $0.50 each. You’re assigned randomly to a team up with two other users — the team with the most points splits the weekly cash pot three ways.

You could win the ultimate prize — up to $50,000 toward a student loan (or mortgage) repayment — by working your way up the Givling “Queue.” To do that, you earn points by playing trivia, signing up with the app’s sponsors and inviting friends to join. There are also random daily drawings for all users ($500) and weekly drawings for users with a student or mortgage loan in the red ($10,000).

Givling, a for-profit company, keeps 10% of the money it earns from displaying those in-app advertisements and working with sponsors. Users, including student loan borrowers and homeowners, take home the other 90%.

The winnings are taxable unless they’re used for student loan repayment, according to Givling. So if your jackpot goes entirely to student debt, you shouldn’t owe any taxes on it, but you should consult a tax professional to be sure.

Image credit: Givling

4 borrowers who won big on Givling

If you’re seeking clever ways to whittle down your debt, you might not mind sitting through a commercial or two. These four borrowers shared their stories with Student Loan Hero — check out the details below, along with some thoughts on whether you should download the app too.

1. Kayla Ventura won $10,901

Image credit: Kayla Ventura

After growing up watching “Jeopardy!” and other quiz shows on TV, Ventura quickly latched onto a Givling competitor called HQ that also awards prize money but doesn’t cater specifically to student loan borrowers. Once she learned about Givling in 2018, she gave it a try and appreciated its rapid-fire trivia style.

Questions are posed as statements and are answered by choosing true or false. You might be asked whether Guantanamo Bay detainees are allowed to watch the World Cup, Catholic priests have always had to take a vow of celibacy or if any buried bodies of U.S. presidents have been unearthed, to name a few examples.

Despite winning more than $10,000 in April 2019, Ventura still has six figures of loan debt, especially after attending graduate school for her physician assistant (PA) degree. Now working in Florida as a PA specializing in surgery, she said she plans to pay it off over 20 years, and with any luck, could shorten that span with more trivia winnings.

“My strategy was playing more and more games to practice,” Ventura said. “When I get questions wrong about a specific topic, I go and research that topic and learn about it in case similar questions show up.”

2. Mike Rosser won $16,646

Image credit: Mike Rosser

Rosser started using Givling in 2015 after a friend won the daily trivia prize — back then, it ranged between $40-$50 because of the app’s smaller user base. He said he liked that Givling was free to play (aside from consuming the advertisements) and could be played any time of day.

Once he found out about the app’s queue for student (and home) loan payoffs, he redoubled his efforts. He played almost daily for four years before sharing a nearly $50,000 pot with two users on his randomly assigned trivia team.

“The prize money will allow me to completely pay off my loan with the highest interest rate, which will make a huge difference for me,” said Rosser, who had about $51,000 left to repay on the approximately $65,000 he borrowed for college and veterinary school.

“Once this loan is wiped out, the majority of my monthly payments will be going toward the principal balance for the first time. I can’t wait to actually see my total balance decrease with every payment!” he said.

Rosser, a clinical pathology instructor at his alma mater’s veterinary laboratory, added that he felt some much-needed relief from the stress of seeing his debt grow as he sought a second degree.

“Since finishing my program, I’m now on track to pay off my student loans over a 10-year period, although the monthly payment still (stretches) my budget,” he said. “With the Givling prize money, my student loans no longer cause me the daily anxiety they once did, and I am so excited to have them out of my life.”

3. Dustin Gabler won about $35,000

Image credit: Dustin Gabler

Another trivia buff, Gabler had low expectations when he started using Givling in 2015.

“I figured if I could play a game that used the ad revenue to help pay off others’ student loans, I was contributing in some way,” Gabler said. “I never really looked at it as a way out of debt for myself, to be honest.”

Three trivia team victories later, and he’s shaved off almost five years off his loan repayment — something he deemed impossible when he graduated $40,000 in the hole, with low salary prospects as an English major.

“You may end up winning, but simply doing good and helping others with no cost to you makes you feel good,” said Gabler, who has about $10,000 left in student loan debt and is hoping to zero his balance within a year. “It’s great to watch people have their loans paid, even if you know you’ll never be the one that gets the $50,000 loan payment.”

4. Laura Clasemman won about $17,300

Image credit: Laura Clasemman

Clasemman first heard about Givling when she read that an Indianapolis man used it and received a $50,000 student loan debt payoff in November 2018. Three months later, she made playing trivia on her phone app a regular part of her commute.

“I’m not very good at trivia but thought that playing Givling would be a fun way to pass the time,” she said. “When I found out at the end of this past March that I (had) been on the winning trivia team, I was very surprised.”

The 2013 graduate said she left school with about $70,000 in student loan debt. Her Givling winnings went directly to paying off her highest-interest private loans. She has about $38,000 left to repay and isn’t planning on deleting the app from her phone anytime soon.

Where Givling fits among student loan repayment strategies

You might be tempted to download an app like Givling or even attempt to make your TV debut on a student loan game show.

Despite winning five figures for their debt, however, all four of the borrowers above say you shouldn’t consider these options to be the one and only solution to your student loan repayment.

“Think of Givling like a free lottery ticket (but) with better odds,” said Rosser, the veterinary school graduate. “A lot of new users are discouraged by how difficult it is to reach the top of the $50,000 loan payoff queue, but just playing daily and getting lucky can earn you some cash.”

So even if you love trivia games and don’t mind long odds, consider our winning borrowers’ more reliable repayment strategies:

  • Ventura uses the debt avalanche method: “My loan servicer requires the minimum monthly payment to be spread out equally between all my various loans with different interest rates. If I ever put extra money in my loans, I make sure to specify it to go towards the highest interest rate loan.”
  • Rosser made voluntary payments during a deferment: “I paid as much on my loans as I could when they were in deferment (while attending veterinary school), even though a monthly payment was not due at that time. This really helped keep my total balance static once my loans went into repayment.”
  • Gabler pays more than the minimum whenever possible: “Even $5. (It’s) more of a psychological thing because it helped me feel like I was going above and beyond … I put large portions of all of my tax refunds and salary bonuses directly to my loans before they hit my bank. That way, I never missed the money.”
  • Clasemman takes a two-pronged approach: “I currently live at home with my family and limit how much I eat out to pay off my debt. I’m currently working full time, and I make extra payments on my student loans whenever I can to save money on interest.”

Other dependable methods to manage your debt include:

Choosing one of these more serious strategies won’t stop you from taking cash windfalls and applying them to your debt — you can do both.

Think of Givling then, as Rosser suggests, like a free lottery ticket — one that hopefully will win you freedom from debt.

Interested in refinancing student loans?

Here are the top 6 lenders of 2020!
LenderVariable APREligible Degrees 
1.99% – 5.64%1Undergrad
& Graduate

Visit Earnest

1.89% – 5.90%2Undergrad
& Graduate

Visit Laurel Road

2.25% – 6.09%3Undergrad
& Graduate

Visit SoFi

1.89% – 6.77%4Undergrad
& Graduate

Visit Splash

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

1.99% – 5.41%5Undergrad
& Graduate

Visit CommonBond

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1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of July 31, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 7/31/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of September 9, 2020. Information and rates are subject to change without notice.
 


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 2.99% APR to 6.09% APR (with AutoPay). Variable rates from 2.25% APR to 6.09% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.18% plus 2.32% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

4 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 10, 2020.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective August 10, 2020.

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.