This Major Beer Brand Is Giving Away $1 Million to Pay Off Your Student Loan Debt

Ever wish someone with deep pockets would swoop in and eliminate your crippling student loan debt?

The long-term effects of student loan debt on the economy are well-documented. Currently, Americans have $1.56 trillion worth of student debt, and many are unable to make payments for a variety of reasons. Collection calls abound as people miss payments or even default on their loans. It’s a devastating reality that’s affecting the economy in a big way.

But there could be a solution, at least for a few lucky individuals. Read on to discover which major brand is giving away $1 million to help chip away at the student debt crisis — and how you could win the prize money. Then, get some tips for how to pay off your student loans even if you’re not lucky enough to win big.

Beer brand Natural Light is running a contest to help pay off your student loans

Natural light beer

The contest is open until May. | Natural Light via Facebook

Ads for the contest premiered during the Super Bowl, but the contest runs until May. Entrants can submit a video to Natural Light explaining their inspiration for attending college. In the end, 25 lucky video winners will receive $40,000 each (totaling $1 million) to put toward their student loan debt.

Next: You can enter even if you don’t drink beer.

You don’t have to be a beer drinker to enter

Inclined Glass of beer

You don’t need to actually buy the beer. | photologica/iStock/Getty Images

Not a beer drinker? No problem. While your video needs to include the green money tab from the top of specially marked Natty Light cans, you can always download a digital version of the tab on the contest website without making a purchase.

Next: This A-list actor is part of the promotion.

Jake Johnson thinks it’s a great idea

Jake Johnson at a premier

Jake Johnson is promoting the contest. | Alberto E. Rodriguez/Getty Images

The brand partnered with actor Jake Johnson of New Girl fame to help promote the contest. Jake told Business Insider that the contest was all about showing your personality and humor. He also says people should have a “why not” attitude when it comes to submitting an entry.

“See if you could get lucky,” he said to Business Insider. After all, somebody has to win.

Next: There’s no reason you can’t kill your student loans.

Even if you don’t win, you can tackle your loan debt

There are ways to get out of debt. | zimmytws/iStock/Getty Images

Let’s say worse comes to worst and you don’t win $40,000 to help pay off your loans. Don’t worry! You can still make them go away without changing your name and fleeing the country (don’t do that, it’s illegal).

There are a few proven methods for getting out of debt that you can apply toward student loans depending on your personal preference.

Next: Try getting the government to forgive for your loans.

Look into loan forgiveness

Certain jobs qualify you for loan forgiveness. | iStock/Getty Images

Some citizens qualify for loan forgiveness — meaning you never have to pay them back, contest winner or not. If you’re a full-time employee of a government agency or a non-profit organization, then you may only need to make ten year’s worth of monthly payments before getting your loans canceled forever.

Next: This method will get you out of debt quickly.

Try the snowball method

Student loan name badge on jacket.

Start by paying off the lowest balance first. | mj0007/iStock/Getty Images

Get out of debt using the snowball method when you concentrate on paying off your lowest balances first. Make minimum payments on the largest loans while contributing any extra funds to the smallest. Once one little loan gets paid off, put that payment toward the next highest balance and continue until your loans are gone.

Next: You’ll pay less over time when you eliminate student loans this way.

Not a fan of snowballs? Go for the avalanche

You can always pay off the highest interest rate first. | iStock/Getty Images

While the snowball method focuses on the balance, the avalanche method concerns interest rate. Tackle student loans with the avalanche method by paying off high-interest rate loans first and saving yourself the most money in the long run.

No matter how you choose to pay off your student loans, once you make a commitment to doing it, stick with it! With perseverance, student loan debt doesn’t have to be a life sentence.

Read more: 15 Depressing Things We Would Do to Erase Student Loan Debt

Check out The Cheat Sheet on Facebook!