SmarterBank’s #crushstudentdebt Sweepstakes

OFFICIAL SWEEPSTAKES RULES

NO PURCHASE, PAYMENT OR ACCOUNT APPLICATION OF ANY KIND IS NECESSARY TO ENTER OR WIN THIS SWEEPSTAKES.

CONSUMER DISCLOSURE: You have not yet won.

OPEN ONLY TO LEGAL RESIDENTS OF THE UNITED STATES AND DISTRICT OF COLUMBIA, AND U.S. TERRITORIES, EXCLUDING NEW YORK, FLORIDA, RHODE ISLAND AND UTAH, WHO ARE AT LEAST 18 YEARS OLD AS OF THE DATE OF ENTRY AND CURRENTLY MEET ALL ELIGIBLITY REQUIREMENTS

By entering the SmarterBank #crushstudentdebt Sweepstakes (the “Promotion”), entrants accept and agree to be bound by these Official Rules. Any violation of these rules may result in disqualification. All decisions of the Sponsors and judges (if applicable) regarding this Promotion are final and binding in all respects.

  1. SPONSORSHIP. This Promotion is sponsored by SimpleTuition, 268 Summer St., Suite 502, Boston, MA 02210 (the “Sponsor”).
  2. PROMOTION PERIOD. 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 (“Promotion Period”).
  3. ELIGIBILITY. This sweepstakes (the “Promotion”) is 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. Officers, directors, members, and employees of the Sponsor, the judging organization (if applicable), or any other party associated with the development or administration of this Promotion, and the immediate family (i.e., parents, children, siblings, spouse), and persons residing in the same household, of such individuals are not eligible.
  4. HOW TO ENTER. There are two (2) ways to enter the sweepstakes, online and via mail: a) Visit www.crushstudentdebt.com or some variation of that root domain during the Promotion Period and follow the instructions to complete and submit the entry form, or 2) Mail a 3" x 5" card to: #crushstudentdebt Sweepstakes Entry, c/o SimpleTuition, Inc., 268 Summer St, Suite 502, Boston, MA 02210 with the following information: i) Your full name, ii) Your complete address, iii) email address, iv) telephone number, and E) the words "#crushstudentdebt Sweepstakes Entry.” All entries become the property of the Sponsor and will not be acknowledged or returned. By entering this Sweepstakes, entrants agree to abide by all terms of these Official Rules.
  5. 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 (the “SmarterBank 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 (the “SmarterBank 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. For mail entries: a mail entry constitutes one (1) entry into the sweepstakes. YOU ARE NOT REQUIRED TO OPEN A SMARTERBANK ACCOUNT TO ENTER THE PROMOTION AND DOING SO WILL NOT INCREASE YOUR ODDS OF WINNING. YOU ARE PERMITTED UP TO THIRTY-SIX (36) TOTAL ELIGIBLE ENTRIES. YOU MAY ALLOCATE YOUR NUMBER OF ENTRIES (UP TO THE LIMIT OF 36) IN ANY MANNER YOU CHOOSE. ALL ENTRIES MUST COMPLY WITH THESE OFFICIAL RULES TO BE CONSIDERED ELIGIBLE ENTRIES. All entrant information, including e-mail addresses, is subject to the respective Privacy Policy of the Sponsor.
  6. PRIZE DESCRIPTION. There will be one (1) winner of one (1) individual cash prize of up to $25,000, not to exceed the outstanding Educational Debt of the winner. The prize will be used to pay down the winners Educational Debt and will remitted by the Sponsor, directly to the loan servicing agency or agencies responsible for the outstanding Educational Debt of the winner (“Educational Debt Repayment”). See Section 7 for Prize redemption options.
  7. WINNER SELECTION AND NOTIFICATION. A potential winner will be selected by a random drawing from all eligible entries. On or about June 15, 2012, a random drawing will be conducted from all eligible entries received during the Promotional Period. The potential winner will be notified by mail, email, or telephone within five (5) business days of the drawing. If a potential winner cannot be contacted, does not respond within five (5) business days from the date the Sponsor first tries to notify him/her, and/or the prize or prize notification is returned as undeliverable, such potential winner forfeits all rights to win the Promotion or receive the prize, and an alternate potential winner may be selected. Once the potential winner has responded to the Sponsor notification, the potential winner will be required to execute and return a Eligibility Affidavit/Release of Liability and (except where prohibited) a Publicity Release and a completed IRS W-9 form within ten (10) business days of issuance of notification or an alternate will be selected in a subsequent random drawing. No substitution by a winner for his or her prize shall be allowed. Acceptance of a prize constitutes permission (except where prohibited by law) to use the winner's name, likeness and statements for publicity purposes without additional compensation or limitation. Upon contacting a potential winner and determining that he/she has met all eligibility requirements of the Promotion, including without limitation the execution of required waivers, publicity and liability releases and disclaimers, such individual will be declared the “winner” of the Promotion.
  8. 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.

  9. 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.
  10. TAXES. Tax treatment will depend on the redemption option selected by the winner (see Section 7).
  11. ODDS OF WINNING. The odds of winning this Promotion will vary and depend on the number of eligible entries received.
  12. NO PRIZE TRANSFER OR SUBSTITUTION. No prize or any portion thereof is transferable. No substitutions for prize except by Sponsor, in which case a prize of equal or greater value will be substituted.
  13. USE OF DATA AND PRIVACY POLICY. Any personally identifiable information collected during the entrant’s participation in this Promotion will be collected by the Sponsor, and their respective parents, subsidiaries, affiliates, agents and marketers for the purpose of proper administration and fulfillment of the Promotion as described in these Official Rules. In addition, by entering, entrants agree to the Sponsor’s use of entrant’s personal information as described in the Sponsor’s Privacy Policy, which is found at SmarterBank Privacy Policy; SmarterBank Security; SmarterBucks Privacy Policy; SmarterBucks Security; SmarterBucks Terms & Conditions: SimpleTuition Privacy Policy:; SimpleTuition Terms & Conditions. If at any time you no longer wish to receive emails , you may opt out by clicking on the "opt out" link at the end of each email. False and/or deceptive entries or acts shall render entrants ineligible. For more details on our privacy policy and terms and conditions, please refer to the respective policies for the email updates and newsletters you chose to receive. Contact information provided to assist in contacting the winner will only be used to notify the winner. Please reference the associated privacy policies and/or security and/or terms and conditions.
  14. CONSENT AND RELEASE. By entering the Promotion, each entrant releases and discharges the Sponsor, judging organization (if applicable), and any other party associated with the development or administration of this Promotion, their parent, subsidiary, and affiliated entities, and each of their respective officers, directors, members, shareholders, employees, independent contractors, agents, representatives, successors and assigns (collectively, “Sponsor Entities”), from any and all liability whatsoever in connection with this Promotion, including without limitation legal claims, costs, injuries, losses or damages, demands or actions of any kind (including without limitation personal injuries, death, damage to, loss or destruction or property, rights of publicity or privacy, defamation, or portrayal in a false light) (collectively, “Claims”). Except where prohibited: (a) acceptance of a prize constitutes the consent of any winner, without further compensation, to use the name and likeness of such winner for editorial, advertising and publicity purposes by the Sponsor and/or others authorized by the Sponsor; (b) acceptance of a prize constitutes a release by any winner of the Sponsor Entities of any and all Claims in connection with the administration of this Promotion and the use, misuse, or possession of any prize and (c) any potential winner may be required to sign an affidavit of eligibility (including Social Security number) and a liability/publicity release. Affidavits and releases must be returned within ten (10) days from the date that Sponsor first tries to notify the potential winner. If the potential winner is deemed to be a minor under the jurisdiction of his/her residence, the prize will be awarded in the name of his/her parent or legal guardian who must execute the necessary affidavit and release.
  15. DISCLAIMERS. (a) Entries that are lost, late, misdirected, incorrect, garbled, or incompletely received, for any reason, including by reason of hardware, software, browser, or network failure, malfunction, congestion, or incompatibility at Sponsor’s servers or elsewhere, will not be eligible. In the event of a dispute, entries will be deemed submitted by the Authorized Account Holder of the e-mail address submitted at the time of entry. “Authorized Account Holder” is defined as (depending of method of entry) either the natural person who is assigned to an e-mail address by an Internet Access Provider, online service provider, or other organization (e.g., business, educational institute) that is responsible for assigning e-mail addresses for the domain associated with the submitted e-mail address. (b) Sponsor, in its sole discretion, reserves the right to disqualify any person tampering with the entry process or the operation of the web site. Use of bots or other automated process to enter is prohibited and may result in disqualification at the sole discretion of Sponsor. Use of multiple email addresses to receive additional entries is prohibited and may result in disqualification at the sole discretion of Sponsor. (c) Sponsor further reserves the right to cancel, terminate or modify the Promotion if it is not capable of completion as planned, including by reason of infection by computer virus, bugs, tampering, unauthorized intervention, force majeure or technical failures of any sort. (d) Sponsor Entities are not responsible for errors in the administration or fulfillment of this Promotion, including without limitation mechanical, human, printing, distribution or production errors, and may modify or cancel this Promotion based upon such error at its sole discretion without liability. (e) SPONSOR ENTITIES MAKE NO WARRANTIES, REPRESENTATIONS OR GUARANTEES, EXPRESS OR IMPLIED, IN FACT OR IN LAW, AS REGARDS THIS PROMOTION OR THE MERCHANTABILITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE REGARDING ANY PRIZE OR ANY COMPONENT OF ANY PRIZE. (vi) CAUTION: ANY ATTEMPT BY AN ENTRANT TO DELIBERATELY DAMAGE THE WEBSITE OR UNDERMINE THE LEGITIMATE OPERATION OF THIS PROMOTION MAY BE A VIOLATION OF CRIMINAL AND/OR CIVIL LAWS, AND SHOULD SUCH AN ATTEMPT BE MADE, SPONSOR RESERVES THE RIGHT TO SEEK REMEDIES AND DAMAGES (INCLUDING WITHOUT LIMITATION ATTORNEYS’ FEES) FROM ANY SUCH ENTRANT TO THE FULLEST EXTENT OF THE LAW, INCLUDING CRIMINAL PROSECUTION.
  16. APPLICABLE LAWS AND JURISDICTION. This Promotion is subject to all applicable federal, state, and local laws and regulations. Issues concerning the construction, validity, interpretation and enforceability of these Official Rules shall be governed by the laws of the Commonwealth of Massachusetts, without regard to any principles of conflict of laws. Should there be a conflict between the laws of the Commonwealth of Massachusetts and any other laws, the conflict will be resolved in favor of the laws of the Commonwealth of Massachusetts. To the extent permitted by applicable law, all judgments or awards shall be limited to actual out-of-pocket damages (excluding attorneys’ fees) associated with participation in this Promotion and shall not include any indirect, punitive, incidental and/or consequential damages.
  17. SOCIAL MEDIA. The Sponsor may promote the Promotion on various social media platforms including (but not limited to) Facebook, Google + or Twitter (each such site a “Social Media Site”) through the additional entry means described in Section 4 of these Official Rules. This Promotion is not in any way sponsored, endorsed, administered or associated with any Social Media Site. By entering the Promotion, you release each Social Media Site from any and all liability associated with, in respect to or in any way arising from the Promotion. You also understand that any Eligible Entry or information that you provide in connection with the Promotion is received by the Sponsor and not by any Social Media Site. You agree that when using a Social Media Site in connection with the Promotion that you will abide by any and all terms of usage of such Social Media Site and these Official Rules.
  18. WINNER LIST. For the name of the winner, send a self-addressed stamped envelope, by January 31, 2013, to: Winner List, “#crushstudentdebt Sweepstakes Winner”, c/o SimpleTuition, Inc., 268 Summer St., Suite 502, Boston, MA 02210.
  19. REVISION OF OFFICIAL RULES. Sponsor reserves the right to modify or amend these Official Rules at any time and without notice. Please visit www.crushstudentdebt.com to review the most current version of these Official Rules.