There is a new loyalty program that seems to understand the woes of financially burdened college students.
It is well known that soring student loans are becoming a mounting problem for a generation of students attending university. Tuition is among the costs wrapped into college. But many students also take out loans to cover textbooks, room and board, and to pay for all the odds and ends that make living daily life possible.
Well, Feejoa is attempting to offer a customer experience that plans to ease this burden for New Zealand students. Feejoa will let students begin collecting loyalty program rewards that will go towards paying off their debt.
Feejoa works in conjunction with the New Zealand Revenue (IRD) and it will automatically put all loyalty program rewards towards a member’s student loan balance every month.
Furthermore, participating retailers will also extend this reward structure to the friends and family of student loan borrowers. Slated with the tagline, “the bigger your tribe, the smaller your debt,” Feejoa lets students recruit up to 10 "benefactors" or “pals” to help them earn rewards.
In theory, this will help students pay off loans even quicker by engaging in activities that encourage everyday spend.
"Normally people pay off their student loan with personal earnings,” said Feejoa creator and director Phil O'Reilly. “With Feejoa, payments are made using your own and other peoples loyalty dollars, meaning its money they wouldn't have had otherwise. Typically benefactors will be family and friends, but could even be businesses, who have a stake in that individual's future and want to help out - it's a virtually cost-free way for them to show some love and support.”
Warehouse Stationery is the first major retailer to join Feejoa and more brands will be joining soon. The Sweetest Little Chocolate Shop, AirShuttle, and the Paddington are also among the current list of participating retailers.
Feejoa is a unique concept in the loyalty program space, and it could benefit members greatly.
"We expect it to be a game changer for students and graduates to make a financial impact on their student debt and give them a psychological boost at the same time," O'Reilly said.