Millennials are writing "student loan payments" on their Christmas list this year, and new service LoanGifting is stepping in as Santa, says MarketWatch reporter Jillian Berman. The new service, launched in October 2015 by design consulting firm RKS Design, allows relatives and friends to make payments directly toward someone's student loans. The platform differs from existing online fundraising sites like GoFundMe or Generosity in that it is dedicated solely to student debt, and donors’ gifts go directly to the recipient’s student loan servicer.
So far, about 200 people have created accounts with LoanGifting. The service deducts a 3% fee from every gift, and a 2.9% fee is deducted by PayPal or the other payment methods donors use.