Sallie Mae announces $25,000 giveaway for responsible borrowers

Thousands of students choose to finance their college education through Sallie Mae, a student loan servicer that was once a government-sponsored enterprise. The company recently announced that it would be holding a new contest that gives one lucky borrower $25,000 towards his or her college debt.

The "It Pays To Repay" contest is being run through the company's Facebook page, where qualified participants can enter the drawing by simply "liking" the Sallie Mae profile.

According to a press release, the company has opened up the contest to borrowers who have been regular on their loan payments for at least one six-month period. This includes individuals who have already started the repayment process as well as current students who are making standard monthly installments while still in school.

"Sallie Mae celebrates the millions of students and college graduates who regularly make on-time student loan payments. We invite our customers to enter to win and share practical tips for others who want to join them on the path to financial success," Patricia Nash Christel, vice president of Sallie Mae, said in a press release.

A recent report from the Institute for College Access and Success's Project on Student Debt, a non-profit organization that explores ways to make higher education more affordable, found that the average student debt currently exceeds $26,000.

Sallie Mae manages more than 10 million loans for students and graduates nationwide. If you are one of the many who have used Sallie Mae as a resource to help finance your education, this simple contest may be the perfect opportunity to put a dent in your debt burden.

The experienced financial aid consultants at College Financing Group can help students decide the best way to go about paying for college, whether that means applying for scholarships or taking out loans.