Can Digital Currency Help with Student Debt?

Executive Brief

The student debt crisis has reached a new high. With graduates owing an average $35K and the nation holding over $1.2 trillion in student loan debt, many have searched unsuccessfully for ways to alleviate the problem. Trust in traditional banks has fallen flat, and respective loans no longer seem to be a definitive answer.

But the future may present methods we never saw coming. A digital currency rewards program for students just might be what is needed to halt the crisis before it gets any worse. By teaching students more about cryptocurrency and allowing them to develop an appreciation for it, virtual money could offer some much needed relief...

Read the full story below. 

How bad is the student debt crisis?

At the present time, the average student owes approximately $35K upon graduation. The U.S. holds nearly $1.3 trillion in student loan debt, and considering the rising costs of education, that number is expected to steadily grow over time.

Despite these statistics, only about one-third of working Americans possess bachelor’s degrees. Many look at student loans and ask, “Have banks and other lenders failed us?” Common financial institutions charge excessively high interest rates to students and regularly steer those rates north. They also collect late fees whenever students fall into default (which can be quite often), warranting further monies in their secret stashes. Maybe banks haven’t “failed us” per se, but you can bet that by the time a student loan has been paid off, the person in question has given far more than what they originally qualified for.

The nation needs help, and many are wondering if there’s room for digital currency to get behind the wheel and take us in a different direction. Digital currency is big, but it isn’t “Internet big.” Despite its potential and ability to aid unbanked nations, many still prefer the traditionalism behind fiat money, probably due to lack of knowledge or interest.

We’ve all heard the old saying, “Children are the future.” Putting this into perspective, the children of later generations are likely to be the future students of modern-day universities. Therefore, it’s important to train them on the ways of the future, and some of those ways stem from digital currency.

It’s been a slow period of integration, but several businesses, stores and establishments are now enforcing methods of accepting bitcoin and relying on its respective technology. Who would have ever thought you could treat yourself at a nearby restaurant and when the check arrives, you pay with some 1’s and 0’s?

It’s time to not only teach students about digital currency, but work to develop their appreciation for it, and a rewards program just might be the tool we need. Why not offer students the chance to earn bitcoin through school programs? Think about it. Free money for anyone on a path of study… What student wouldn’t want to partake? It’s the same as a scholarship. The University of Washington recently caught wind of the growing trend and brought a bitcoin ATM to its campus in October of last year. Prior, MIT made headlines by establishing the Bitcoin Project and offering $100 in bitcoin to over 4,000 undergrads. Nothing wrong with a little extra textbook money…

Bitcoin alternative DNotes and creator Alan Yong has begun what is known as CRISP (Cryptocurrency Investment Saving Plan). The program allows schools and respective students to sign up for apportion codes which in turn allow them to receive up to 500 free DNotes. Granted the stability of the currency, Yong explains that the potentially high returns offered through DNotes could help students save and receive more over time, thus giving student loans a less-intimidating presence.

Bitcoin and related currencies are here to stay, and the future is being delivered to us now. Offering virtual money to students as a potential reward gives them the chance to further understand what will likely be the primary payment methods 20 to 30 years from now. For the time being, extra money in students’ pockets can help to alleviate some of their ongoing expenses, thus giving the country a chance to bring its debt figures to a halt and discover a much-needed step in what is sure to be a long and arduous war against a growing financial monster.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Nick Marinoff

Nick Marinoff is a freelance author, writer and journalist. His first book, "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" is now available on He is currently a lead content writer and news editor for Money & Tech, and is a regular contributor to both NewsBTC and Other publications include Black Impact Magazine, and The Loan Gurus, to name a few. He is a proud graduate of FHSU in Hays, KS.

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