One of the questions I am asked most is about how to tackle student loan debt. There isn't much to really do, but pay what you can and take advantage of the little opportunities to lower your interest rate (by having the payment directly removed from your checking or savings account), make extra money to throw at it, use Upromise to earn money toward your loans, or taking E-Reward surveys to earn credit to pay towards your debt.
Wikipedia describes Upromise as:
Upromise members accrue account credit on eligible purchases from grocery stores, online retailers, travel, restaurants and gas stations. Members can direct their earnings into a high-yield savings account or tax-deferred 529 plan, use it to pay down eligible student loans or request a check to spend the funds in any way they like -- the money is not required to be spent on college-related expenses.
Critics of the Upromise program point out that as of 2008, the average member has earned only $47 toward future college expenses -- and that to accrue this amount, the participant opts into a highly detailed purchase-tracking system, with information sold by Upromise to subscribing marketers.
shop online through upromise.com.
Get 1%-25% back from eligible purchases at more than 600 online retailers when you shop through upromise.com.» Learn more
eat at our participating restaurants.
Get up to 8% cash back at thousands of participating restaurants — on food, drinks, tax and tip.» Learn more
go to the grocery store or drug store.
Activate Grocery eCoupons each month to earn on participating grocery and drugstore items.» Learn more
invite family and friends.
You can save over 2 times more when your family and friends help!If you would like to sign up email me and I will send you an invite (hey I have loans to pay off also!) at personalfinance4thepeople@gmail.com.
For example:
| What you purchase | Partner | Eligible spending | Partner contribution | Estimated Upromise earnings |
|---|---|---|---|---|
| Clothes | Gap through upromise.com | $150 | 5% | $7.50 |
| Books | Barnes & Noble through upromise.com | $50 | 3% | $1.50 |
| Airfares | Expedia through upromise.com | $300 | 1% | $3.00 |
| Flowers | ProFlowers through upromise.com | $50 | 10% | $5.00 |
| Dinner | Upromise Dining Program | $40 | 8% | $3.20 |
| Groupon Deal | Groupon through upromise.com | $50 | 4% | $2.00 |
| New Shoes | DSW through upromise.com | $60 | 4% | $2.40 |
| Birthday Gift | ToysRUs through upromise.com | $50 | 1% | $.50 |
| Ink cartridges | Staples through upromise.com | $60 | 2% | $1.20 |
| TOTALS | $810 | $26.30 |
You don't earn huge amounts, unless you utilize the the program to the fullest, so this isn't a way that I reccommend using as the only method to battle your student loan debt.
How Upromise works is pretty simple:
- Register all of your grocery, CVS, Rite Aid, and other discount cards and your debit and credit cards.
- Check the grocery coupon section for items you normally buy and add them to your account.
- Shop.
- When you buy anything online, buy it through Upromise.
- Shop.
- Eat at Restraunts that participate with Upromise and earn a percentage of your meal to go toward your loans.
- Eat.
- Earn!
Remember:
The more you do, the more you can get back!
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