MassMutual is using Facebook to address millennials' often overwhelming student debt, the company announced Monday.
The company is offering $20,000 to a Facebook fan who likes its Down With Debt page and submits the most creative strategy for paying down debt.
MassMutual cited data from the Consumer Financial Protection Bureaus that found consumers owe more than $150 billion in private loans in the United States. To address the burden of debt on millennials, the company launched a Facebook campaign that will run until Feb. 14.
"We see student debt as a timely and important topic," said Marie Politis (left), vice president of online experience for MassMutual, on Thursday. "There are a lot of people with a lot of student debt. Half of graduates are unemployed or underemployed. We're trying to address this issue in a meaningful way."
Facebook users who like the MassMutual Down With Debt page can view tips for reducing debt like making a budget, asking for a raise and reviewing payment options on loans. Politis noted that some of the tips that appear on the Facebook page are their own, but many are offered by participants in the campaign.
