Pay off your student loan at the pub

The HoS reports:

A controversial loyalty card has been launched that offers to pay a chunk of a student’s bar tab off their student loan.

The Feejoa card sees promoters pay up to 5 per cent of the amount users spend at participating businesses off their student loans. The more they spend, the more is paid off the loan.

Anyone can use the card and those without student loans can donate the discount to someone with one.

Eight bars and the Warehouse Stationery chain have signed up to the scheme and promoters want to expand to other retailers in a bid to help pay off student loans.

The person who came up with this idea is an evil genius. Pay off your student loan by going to the pub. The more you drink, the more you pay off!!

Of course it ignores the opportunity cost – that if you don’t go to the pub at all, you can pay your loan off faster. But why would you? There’s no interest on it.

I can see students and graduates flocking to this.

Community Alcohol and Drug Services regional manager Robert Steenhuisen said the card was “an incentive to consume more”, which went against public health initiatives aiming for moderate drinking.

Yeah students are already known for their modest drinking habits.