Using card loyalty points to pay off student loan debt

Work / Education

Using card loyalty points to pay off student loan debt

Postby CielOnTap on Thu Jun 18, 2015 12:47 pm

This week, in Ontario, there was an announcement that points from a loyalty program could be used in increments of 35000 Aeroplan points to convert towards a $250 payment on student OSAP loans. The Ontario government has a partnership with Higher Ed Points to deliver this program.

http://www.thestar.com/yourtoronto/education/2015/06/17/soaring-student-debt-now-aeroplan-points-can-help-bring-it-back-to-earth.html

Alberta is another Canadian province that has permitted the program. There are other universities in Canada that are part of the program.

Interestingly, a student with Aeroplan points can ask the partner to send requests to people in his or her social network to transfer their Aeroplan points to him/her in the goal of converting Aeroplan points for payments against their student loan.
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Re: Using card loyalty points to pay off student loan debt

Postby CielOnTap on Thu Jun 18, 2015 1:07 pm

In reading the comments following the article, the dollar value of those 35,000 points is closer to $600. Could it be that the $350 difference in value is seen as administrative processing costs?
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