Having student loans sucks, and they can make the idea of buying or leasing something big like a car sort of a daunting proposition. Considering that student loan debt is more the norm than the exception these days, Hyundai thought it could do something to help.
The Hyundai Student Assurance program, which the company announced on Tuesday, offers qualified buyers of new Hyundais a $900 incentive that is directly applied to their student loans. The program is available in California and Phoenix, Arizona to start and runs from April through Sept. 30, 2019. That could all change, though, if customers and dealers like the program.
"We recognize that student loan debt is one of the most significant financial stress points for people, and we want to help address that issue while allowing people to take advantage of the many benefits of owning a new vehicle," said Michael DePaul, director of retail operations for Hyundai Motor America, in a statement.
The way the program works is relatively simple but has a few more steps than we'd have guessed. First, prospective buyers go to the Student Assurance website to make sure that they're eligible, and if they are, they'll receive a reward code.
The buyer then takes that code to their dealer and either buys or leases an eligible new Hyundai, then verifies their purchase at the Student Assurance website. After that, Hyundai's partner company, Gradifi, contacts the customer with instructions on how to register and receive their credit.
In the grand scheme of student debt, with many people carrying loans well into the six figures, $900 isn't going to make a huge dent, but it's still a pretty neat thing for a company to do, and it ties in well with Hyundai's.