SAN JOSE, Calif., Sept. 29, 2021 /PRNewswire/ -- Venmo today
announced a collaboration with Grammy nominated rapper Jack Harlow, to help college students offset
costs as the school year begins through the #VenmoU Cash Drop.
Through the 24-hour giveaway, students can visit venmou.com
throughout September 29, 2021 and
spin the wheel for a chance to win up to $500 in instant cash prizes and be entered for a
chance to win one $10,000 grand
prize.*
With the cost to attend college in the
United States continuing to rise, students and families have
increasingly taken out student loans to help cover tuition, room
and board and other school-related expenses. In 2020, 64% of
college students who graduated took out loans totaling $29,927 on average, a 20% increase from the
average amount borrowed in 2010.1 Back-to-college
spending is also expected to rise about 13% from 2020, as students
and families plan to spend an average of $1,200 on items like electronics and dorm
furnishings.2 In addition to the financial stress
students may experience, many are also heading back to campus
with added pressures to manage, as 89% of college students shared
that they have experienced stress or anxiety brought on by the
pandemic.3
Through the #VenmoU Cash Drop, students will have the
opportunity to put a little extra money in their pockets to start
the school year off right. Students will have the chance to
instantly win up to $500, to help
them pay for anything from a $5 latte
from their favorite coffee shop or $500 towards a new laptop, and will be entered
for a chance to win a $10,000 grand
prize, which could offset the cost of tuition or give them a head
start on paying down student loans.
"Getting a college degree comes at a high price tag that many
struggle to afford, especially now more than ever, given the added
hardships that the last year and a half has brought," said Harlow.
"On top of adapting to the new ways of learning and living, so many
college students are also facing new financial obstacles due to the
pandemic. I salute each and every one of them who are working
harder than ever, despite these challenges. That's why I'm thrilled
to team up with Venmo to launch the #VenmoU Cash Drop to put a
little extra money in some pockets to help make following their
academic dreams a little easier."
How it Works
College students can visit venmou.com, and enter the mobile
number associated with their Venmo account to spin the wheel for a
chance to instantly win $1-$500, sent from
Jack Harlow to their Venmo account.
Winners will receive a confirmation number and email. All customers
who spin the wheel will also be entered for a chance to win the
$10,000 grand prize.
Don't have a Venmo account? Creating one is easy and free - sign
up online or download the Venmo app through
the Apple or Google Play app stores.
*NO PURCHASE NECESSARY. A purchase will not increase your
chances of winning. Promotion begins at 1:00
AM ET on 9/29/21 and ends at
12:59:59 AM ET on 9/30/21. Open only
to college and graduate students enrolled at an accredited college
or university in the 50 US/DC who are legal residents of 50 US/DC
who are 18 years or older. Click Here for Official Rules, including
how to enter, odds, prize details and restrictions. Void where
prohibited. Msg&data rates may apply. Sponsor: PayPal, Inc.,
2211 North First Street San Jose,
CA 95131.
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 400 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information,
visit paypal.com.
Media Contact:
Jaymie
Sinlao
jsinlao@paypal.com
1 According to data reported to U.S. News &
World Report in its annual survey.
2 According to the National Retail Federation's
Back-to-School 2021 trend report.
3 According to a nationwide survey of 2,051
students conducted by Active Minds in September 2020.
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SOURCE PayPal Holdings, Inc.