This is not a new Bitcoin service. Rather, a guide to combining two services – Tuition.io and Brawker – for paying student loans using Bitcoin.
Tuition manages your student loans and offers payment plans and strategies to minimize interest. Last fall, a new service debuted; the ability to send and receive gift cards for making loan payments.
Brawker is a site where users post bitcoins, at up to 20% markup, in exchange for goods. For example, I used Brawker to buy an Amazon wishlist at discount. Instead of receiving cash for bitcoins you receive items. It’s not limited to just Amazon. In addition to parking tickets and utility bills, Brawker set out to prove you can live entirely off bitcoins & Brawker for an entire month.
Combined these services are a killer app for paying student loans using Bitcoin. Through Brawker, I am able to post bitcoins in exchange for a Tuition.io gift card. I am able to sell my bitcoins at a 20% markup. Tuition limits gift cards to $500 and charges a 6% fee for credit card processing. It will cost me $441 to buy a $500 Tuition.io gift card.
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