Wednesday, September 9, 2009

Upromise - Pay Off Loans or Save for College

I have recently become rather excited about the Upromise program! I had heard about it in passing and seen stickers on shelves at some stores, but for some reason had never really taken it seriously. Well, I started taking it more seriously when I realized that not only can you save for a future college education, but you can also pay off existing student loans! Not that we're not interested in saving for our daughter's education (because we most definitely are!), but my husband still has a fair amount of student loan debt from college, and at this point in our lives, that is a higher priority for us (our daughter is 2). So, I was very excited to learn that the savings from this program can be transferred to pay off loans serviced by Sallie Mae!

To get started, go here, sign up for an account, and register your participating store loyalty cards on the site. Then, add the e-coupons to your account. When you use your loyalty card to buy participating products, you will get the coupon amount credited to your Upromise account. You can also register your credit and/or debit cards with Upromise, and you will get back a percentage of the total amount spent at participating stores, restaurants, gas stations, websites, etc.

You can put the funds in a 529 plan or, after you have accumulated at least $25, you can transfer them to pay down a Sallie Mae-serviced loan. You can also donate the funds from your Upromise account to a friend or family member who might need funds for college.

All in all, I think this sounds like a great program, and I'm excited about taking advantage of it! Hopefully it will reduce Justin's loans by at least a payment or two, and I hope it helps you too!

1 comment:

  1. Very cool! I checked, and unfortunately, the company that services my student loan isn't one of the participating lenders. But, I thought I could go ahead and start the account and use it if they ever do participate. Then I noticed an option where you can request a check to withdraw funds from your account and use it however you want. =)