With the rising cost of tuition and other education-related expenses, it’s no surprise that student loan debt is at an all-time high. A considerable chunk out of a college student’s budget and are the most money-consuming category after tuition. A full-time student spends around $1,760 per year on transportation alone. Other costs including food, housing, clothing, and phone plans are around $14,435 per year.
What’s more, according to a report by Fortunly, student loans are the second-largest cause of U.S. consumer debt, behind only mortgages as of 2022. However, If you are looking to get a head start on paying off your debt but feel discouraged if you aren’t earning a sizable income due to being in school or faced with other financial priorities, there are solutions!
Laurie Freudenberg, the CEO of Mijem, a marketplace app geared towards helping college and university students in North America save and earn money, says that their app was created for that reason. “Mijem was built by a student, for students. Mijem’s founder Phuong Dinh was bothered by the excess consumption he was seeing around him, and like many others in his peer group, struggled with the challenges of university life, such as student debt and making new friends. Knowing others like him shared his views and challenges, he wanted to provide a solution.”
The uniqueness of the Mijem app also comes from its integration with Bitcoin SV. With every transaction made on the platform, students are able to earn loyalty reward points, which can be converted into Bitcoin SV. This creates a space for users to learn about cryptocurrency and kick start their portfolio risk-free as they can use loyalty reward points instead of cash.
Laurie Freudenberg notes that, “Mijem launched its Bitcoin SV Loyalty Rewards program in January of 2022 in partnership with Ayre Ventures, who are the world’s largest investor in the Bitcoin SV blockchain ecosystem. It was a natural fit given over 50% of Gen Z believe that cryptocurrencies will be widely used in the future. We also liked the fact that Bitcoin SV transacts quickly and inexpensively, scales easily, and is far more environmentally friendly than many other cryptos – all features that are important to Gen Z.”
If you are interested in exploring different earning avenues of income to help repay your loan, cryptocurrency could be a great option. Though investing in crypto may come with risk, there are ways to invest risk free with apps such as Mijem, a marketplace platform created for students looking to buy, sell and trade goods and services.
Collect points when you buy and sell second hand items. Convert your Loyalty Points to Bitcoin SV and you’re ready to purchase goods or services outside Mijem!
Make sure to download the app which is available for both IOS and Android users and create an account to take advantage of Mijem’s cryptocurrency rewards program to earn money and tackle debt.