<p>What we do
We’ve teamed up with some of the best rewards program partners to enable you to earn rebates when you shop online and in stores.</p>
<p>Then, these rebates are applied automatically to your student loan account. Because the rebates are in addition to your monthly payment, they help to shorten your repayment period and reduce the amount you pay on interest. Eligibility terms apply.</p>
<p>How it works
Student Loan Rebates works like this. You compare our partners and sign up for the one you like best. Or sign up for them all. Then link up your student loan account and start shopping. That’s it!</p>
<p>You’ll watch your rebates add up as you buy everyday items - groceries, a pair of jeans, gas - and take advantage of special services from participating companies. Once you have earned enough rebates, the money is automatically applied to your student loan account.</p>
<hr>
<p>Any one has seen this, how exactly does it work?</p>
<p>We had joined UPromise several years ago with the intention of putting the
rebates from this program into a 529 plan. We never did that and now I see that we can now apply what we have accrued toward Student Loans
The tricky part is that you have to get your loan through a lender that participates in the program—our lenders do not. What we can do is actually withdraw what we have earned and use toward the loan payments.</p>
<p>We may try to get loans for next year from lenders that participate in this program</p>
<p>I’ve been doing Upromise for about 5 years.
Never connected the $$ directly to a 529, just requested a check about every year.<br>
Not a tremendous amount of money (about $50/year) but since I hadn’t changed my buying habits, it was ‘free’ money.
Upromise has made it easier lately to request a check also.</p>
<p>Thanks Musicmom and m2s. So this is some thing useful? How exactly does it work and how is the rebate given? I am at the initiation of financial setup so is there any thing I should take care so I can gain max from this? One thing m2s mentioned is to look for lender that participates in this program. what else please?</p>
<p>AskMe02-
I haven’t ever done the ‘big’ rebates at Upromise, like life insurance, mortgage or even the Upromise credit card.
I just registered on their site ALL my grocery cards (ShopRite, A&P, Kings,etc) and our usual MasterCard. Then, when I shop in stores or online with those cards, a few cents gets credited to my Upromise account. You can view your acct balance online anytime.
I do ALOT of online shopping. I just remember to start at the Upromise site to link to the store and rebates credit automatically, like LandsEnd, LLBean, etc.</p>
<p>I print my account page, write a ‘please send me my balance’ note on it and mail it in…works fine. Check appears in a few weeks.
Have fun with it. Maybe you’ll be able to teach me a few new ideas!</p>
<p>I find the hardest part remembering to go to the site! They used to have a reminder pop-up but my DH disabled it because it was causing a problem with something else.
I have about 700.00 over the years, some big purchases like a computer, computer items, etc. but many are just Stop and Shop, etc. Sometimes stores will have an increase in contributions for a while, 6% instead of 3% for example or even 10% for a day. I try not to delete their emails, some are fluff, but some give you a heads up on it.
The way I look at it, if American Eagle will give me 3% for items I’m ordering anyway or Dell 10%, why not?</p>
<p>I like Upromise because anything extra in addition to what I’m already spending is fine with me. Even a book paid for is something, although about 8 years of doing left me with about enough for all the books one year if I dipped into it.</p>
<p>I noticed they also have loans etc. Except for the small perks one place might give (and the * always says they can change terms anytime) are most loans 8.5% ? I know some promise a small reduction, etc. but there is no guarantee attached. Everyone says to search but they all seem the same!</p>