Wednesday, May 28, 2008

Upromise - Get Help Paying Off Student Loans

About a year ago I signed up for a service called Upromise It is a free service that gives you rewards for shopping at stores you already shop at. I figured that was a pretty good deal. What makes this a great deal though, is that they will put cash into your student loan account, thus helping you pay off your loans faster by earning points.

I heard a statistic on the radio this morning, saying that the number of students self-financing their college education is skyrocketing. Mom and Dad just don't have the money any more to pay for college. It is often up to the student to bear the full brunt of the cost. I had to pay for mine, and let me tell you it is not easy. I am easily paying a quarter of my monthly salary to my student loans, and I even have another twenty percent in deferment. That is a lot of money. I figured why not let someone else help me pay for it? Enter Upromise.

One of the features I really like is that you can have your family and friends support you. You send them a link, they sign up, and then when they shop at places they already shop, you get rewards. I am still working on convincing some of my family and friends, but at least knowing the option is there is comforting.

This service isn't just for college graduates though. Have a little bundle of joy on your hands? Why not save for their college education? You can save all your rewards in a 529 College Savings plan. You have to pay into the account, but you can let Upromise add money too. Here are some of the benefits:

  • Your earnings grow free from federal or state income tax. **Note**(Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.)
  • You can start one for as little as $50 per month.
  • Best of all, you can sweep your Upromise rewards into your participating 529 account in addition to adding your own money.
This is a great way to make sure your kids don't have to suffer through the loan repayment process. Maybe you can arrange with your teenager a system where they contribute money into their own account. There are lots of options available.

I think this is a great product and I highly recommend it. Upromise has not directly sponsored this blog, but I am a member of their affiliate program. That being said, I am a customer and I stand behind this endorsement. Join Upromise today


Kati said...

we still need to add my card to this account... :)

FreseMotorcars said...

Do you work for Upromise, that was a great post for them if you don't. Can you do the same for me? I started a company that helps people save for college, it's Freshman Fund. It's like a registry for 529 college savings plans. Anyone can attach and gift into any 529 account. It even works with Upromise.

The site is

I also write a blog on saving for college the site is