Buy a car and Hyundai could pay off some of your student loan debt

Student Assurance will help eligible customers free themselves of student loan debt faster by providing a contribution of up to $900 directly toward their student loan with a purchase or lease of a new Hyundai vehicle. (Image courtesy of Hyundai Motor America)

A trial program that launched Tuesday in California and Arizona may provide new-car buyers saddled with student debt with up to $900 toward their education loans if the take delivery of a new Hyundai by September 30.

Hyundai dubs the program Student Assurance, and for now it's only available at certain dealerships in California and the Phoenix area. To qualify for the program, shoppers can visit a website run by Hyundai and loan benefits provider Gradifi to receive a reward code. After purchasing or leasing a new Hyundai, the automaker instructs them to enter the code and the car's vehicle identification number to receive up to $900 applied to their student loans.

Hyundai did not say what it will take to qualify for the full $900.

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For now, the program runs until the end of September on a trial basis in California and Arizona, but Hyundai said in a statement that it may roll out Student Assurance nationwide.

Although $900 may be a drop in the bucket for the 44 million Americans with student loan debt, the brand said it specifically tailored the program to target younger buyers more likely to put off major purchases such as a new car.

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