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Forum Thread
SmarterBank #crushstudentdebt Sweepstakes ~ 5/31/12
May 2, 2012 at
01:55 PM
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Other
(6)
Thread Details
Promotion begins at 12:01 AM, Eastern Time ("ET"), on May 1, 2012, and ends at 11:59:59 PM, ET on May 31, 2012.
Only open and offered to legal residents of the United States and District of Columbia, and U.S. Territories, excluding residents of New York, Florida, Rhode Island and Utah. Entrants must be: a) at least 18 years old (19 years old for residents of Alabama and Nebraska, 21 years old for residents of Mississippi and Puerto Rico) as of the date of entry and b) have outstanding personal indebtedness for any Educational Debt. Education Debt includes any federal education loan, which may include, but is not limited to Perkins, Stafford, PLUS (graduate and professional degree student borrowers), PLUS (parent borrowers), loan consolidation and private student loans which may include, but are not limited to education loans issued by banks, credit unions, or educational institutions such as colleges and universities. Proof of such Educational Debt must be provided by the winner as described in Section 5 of these rules.
Entry - http://www.crushstuden
ADDITIONAL ENTRIES: For online entries: one (1) entry will be granted for a completed and confirmed online entry. You may enter online using the same email address more than once, up to the total entry limit of 36 entries. Cases of multiple emails being used by an individual to accrue extra online entries will void all entries by that individual.
- Five (5) additional entries will be granted to the entrant for clicking on button to share via Facebook on the entry page;
- Five (5) additional entries will be granted to the entrant for clicking on a button to share via Twitter on the entry page; and
- Twenty five (25) additional entries will be granted to the entrant for opening a SmarterBank checking account, up to a maximum of thirty six (36) entries in total for each entrant. In order to receive the twenty five (25) additional entries, you must open the SmarterBank checking account with the same email address that you used to enter the contest. Account approval for a SmarterBank Account is determined by The Bancorp Bank and subject to guidelines established by The Bancorp Bank. The SmarterBank Account must be approved by June 8, 2012, to receive the additional entries associated with a SmarterBank Account signup.
PRIZE REDEMPTION. Two (2) redemption options are available to the winner. The winner will select the redemption option they prefer.
The first option is a pre-tax lump sum payment equal to the amount of outstanding Educational Debt of the winner. In this case, the winner will be personally responsible for any federal, state, and other tax obligations associated with receipt of the prize. For example, if the winner has $25,000 in Educational Debt and selects this option, $25,000 of their outstanding Educational Debt will be paid in full and the winner will be personally liable for federal, state and other tax obligations associated with receipt of the prize.
The second redemption option is intended to assist the winner with any federal, state or other tax obligation related to the prize by providing the winner with a check to pay such taxes ("Tax Gross-Up Payment"). The total payment including both Tax Gross-Up Payment and Educational Debt repayment shall not exceed $25,000. The Educational Debt repayment also shall not exceed the winner's outstanding Educational Debt. The Tax Gross-Up Payment will be computed based upon the actual value of Educational Debt repayment and assuming that prize winner's combined tax rate for all federal, state, and other tax obligations related to such prize is 34%. The Tax Gross-Up Payment may not be sufficient to cover the winner's entire tax liability related to winning the prize, depending on winner's tax bracket, state of residence, etc. winners' reportable winnings and the gross-up payment will be included on winner's 2012 Form 1099-MISC. Sponsor will comply with all tax reporting requirements. For example, if the winner has $25,000 in Educational Debt and selects this option, the Education Debt Repayment will be $16,250 and the winner will also receive a check for $8,750 to pay for taxes associated with receiving the prize.
PROOF OF LOAN BALANCE. To determine the amount of the prize, the winner must also provide proof of his/her student loan balance. Proof of the loan balance can be provided through a current statement from the winner's loan servicer(s) that includes the winner's contact information that matches the information submitted with their entry (address, phone, etc.), an account number, a servicer address (including P.O Box), the current balance and a 10 day payoff balance.
Official Rules [smarterbank.com]
Only open and offered to legal residents of the United States and District of Columbia, and U.S. Territories, excluding residents of New York, Florida, Rhode Island and Utah. Entrants must be: a) at least 18 years old (19 years old for residents of Alabama and Nebraska, 21 years old for residents of Mississippi and Puerto Rico) as of the date of entry and b) have outstanding personal indebtedness for any Educational Debt. Education Debt includes any federal education loan, which may include, but is not limited to Perkins, Stafford, PLUS (graduate and professional degree student borrowers), PLUS (parent borrowers), loan consolidation and private student loans which may include, but are not limited to education loans issued by banks, credit unions, or educational institutions such as colleges and universities. Proof of such Educational Debt must be provided by the winner as described in Section 5 of these rules.
Entry - http://www.crushstuden
ADDITIONAL ENTRIES: For online entries: one (1) entry will be granted for a completed and confirmed online entry. You may enter online using the same email address more than once, up to the total entry limit of 36 entries. Cases of multiple emails being used by an individual to accrue extra online entries will void all entries by that individual.
- Five (5) additional entries will be granted to the entrant for clicking on button to share via Facebook on the entry page;
- Five (5) additional entries will be granted to the entrant for clicking on a button to share via Twitter on the entry page; and
- Twenty five (25) additional entries will be granted to the entrant for opening a SmarterBank checking account, up to a maximum of thirty six (36) entries in total for each entrant. In order to receive the twenty five (25) additional entries, you must open the SmarterBank checking account with the same email address that you used to enter the contest. Account approval for a SmarterBank Account is determined by The Bancorp Bank and subject to guidelines established by The Bancorp Bank. The SmarterBank Account must be approved by June 8, 2012, to receive the additional entries associated with a SmarterBank Account signup.
PRIZE REDEMPTION. Two (2) redemption options are available to the winner. The winner will select the redemption option they prefer.
The first option is a pre-tax lump sum payment equal to the amount of outstanding Educational Debt of the winner. In this case, the winner will be personally responsible for any federal, state, and other tax obligations associated with receipt of the prize. For example, if the winner has $25,000 in Educational Debt and selects this option, $25,000 of their outstanding Educational Debt will be paid in full and the winner will be personally liable for federal, state and other tax obligations associated with receipt of the prize.
The second redemption option is intended to assist the winner with any federal, state or other tax obligation related to the prize by providing the winner with a check to pay such taxes ("Tax Gross-Up Payment"). The total payment including both Tax Gross-Up Payment and Educational Debt repayment shall not exceed $25,000. The Educational Debt repayment also shall not exceed the winner's outstanding Educational Debt. The Tax Gross-Up Payment will be computed based upon the actual value of Educational Debt repayment and assuming that prize winner's combined tax rate for all federal, state, and other tax obligations related to such prize is 34%. The Tax Gross-Up Payment may not be sufficient to cover the winner's entire tax liability related to winning the prize, depending on winner's tax bracket, state of residence, etc. winners' reportable winnings and the gross-up payment will be included on winner's 2012 Form 1099-MISC. Sponsor will comply with all tax reporting requirements. For example, if the winner has $25,000 in Educational Debt and selects this option, the Education Debt Repayment will be $16,250 and the winner will also receive a check for $8,750 to pay for taxes associated with receiving the prize.
PROOF OF LOAN BALANCE. To determine the amount of the prize, the winner must also provide proof of his/her student loan balance. Proof of the loan balance can be provided through a current statement from the winner's loan servicer(s) that includes the winner's contact information that matches the information submitted with their entry (address, phone, etc.), an account number, a servicer address (including P.O Box), the current balance and a 10 day payoff balance.
Official Rules [smarterbank.com]
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