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Hyundai Will Help Towards your Student Loan Debt

Sedan / 4 Comments

You just need to buy one of their cars first.

Hyundai has just announced its 'Student Assurance' program, an industry-first incentive aimed at assisting customers with student loan debt. Student Assurance is initially available at Hyundai dealerships in California and Phoenix, Arizona from April 1 – September 30, 2019 with plans for a national rollout based on dealer and customer feedback.

Eligible customers will receive a contribution of up to $900 toward their student loan debt when purchasing or leasing a new Hyundai. This scheme is the result of Hyundai's internal innovation contest which encourages employees to come up with new and innovative ideas.

Over 44 million Americans have student loan debt, totaling over $1.5 trillion according to a report by CNBC. They claim that the average student loan is around $37,172 which can severely impact the early life-establishing moves that are normally made by young adults in their 20s and 30s.

With 83 percent of Americans relying on a car to get to work every day, owning a vehicle is clearly an important part of these life-establishing moves.

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"We recognize that student loan debt is one of the most significant financial stress points for people and we want to help address that issue while allowing people to take advantage of the many benefits of owning a new vehicle," said Michael DePaul, director, Retail Operations, Hyundai Motor America. "Making things better is at the heart of everything we do, and that's why we are directly contributing to helping our customers get out from being under the burden of student loan debt."

Viewed in the context of a $37,000 student loan, the $900 contribution may not seem like much but it is a step in the right direction and if you are interested more information can be found at Hyundai's Student Assurance site.