A University of South Carolina student who matched five out of six numbers in Saturday’s Powerball drawing will use his $150,000 in winnings to pay off his student loans and take his entire family on a vacation.
“I feel like I’m going to throw up,” the winner’s mom said, arriving with her son to claim the prize. “We need a new lawn mower,” his father said.
The estimated jackpot for Wednesday night’s multi-state Powerball drawing is $348 million.
When the Powerball jackpot soared past the $1.5 billion mark in January, Credible pointed out that while that sounded like a pretty big number, it equaled only about one-tenth of 1 percent of the $1.3 trillion in outstanding U.S. student loan debt.
If all of January’s Powerball jackpot had been deposited in a fund to pay off student loans, it would only have freed about 52,000 of America’s more than 41 million student loan borrowers from debt.
For those who aren’t planning to win the lottery, strategies for tackling student loan debt include government income-driven repayment plans and refinancing student loan debt at lower interest rates.
Credible is a multi-lender marketplace that allows borrowers to request competitive loan offers from vetted lenders, without affecting their credit scores.