Finance Snack: Open Upromise for Current Student Loans

by Savings Lifestyle: Andrea on May 07, 2008

OK, I’ve snacked on Upromise and how I think it’s a great program for saving for your kids’ college. But, today I stumbled on another great benefit they offer while on my own student loan account at Sallie Mae.

Upromise has a partnership with with Sallie Mae Student Loan Service to take your Upromise earnings and pay on your Sallie Mae student loan! You can read all the details here (expired). This is a great program if you have your loans through Sallie Mae (like I do) and don’t want to save the money for a 529 Plan. Here’s some details from the Sallie Mae landing page:

  1. Join Upromise today, register your grocery, gas, and credit cards, and start saving when you purchase everyday items at participating merchants. You can see your savings accumulate in your Upromise account with just a click of a button.
  2. Link your Upromise account to your Sallie Mae student loan account through Upromise Loan Link. Its SIMPLE!
  3. Pay down loans in your Sallie Mae account automatically with the savings you’ve accumulated. Sallie Mae will transfer designated Upromise savings balances of at least $25 to your Sallie Mae-serviced student loan account on a quarterly basis.

So, for people without the “chillun,” this could definitely help! Or, even parents who want to help their own grown children pay on their student loans, this is an awesome benefit!

Don’t forget, you can also cash out your Upromise savings too. Read all about how to do that in my my snack here (expired). Remember, that post also includes a code to get $5 when you first sign up too.

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3 Comments

  • aladyinred - May 07, 2008 @ 6:56 pm
    1

    I just found out about this as well, and called my mother and grandparents to ask if they would please sign up for me since I graduate in a week and a half. And have more than my fair share of student loans!

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  • Alyssa - May 07, 2008 @ 7:00 pm
    2

    Andrea, what if I already have a Upromise account open for my kiddos? My husband is a student right now. Can we open another one?

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  • Andrea - May 07, 2008 @ 7:07 pm
    3

    aladyinred,

    that is awesome! I was so excited when I heard about it too! It was clearly one of those that I stumbled upon today!

    Alyssa,

    Yes, you can open as many accounts as you want (and even have them going to the same email which is what I did). So, the smart thing to do is open each account, using that Tylenol $5 promotional code and you get $5 right off the bat without any purchase restrictions. Depending on how much you actually use the Upromise account (since I vary my purchases through them, Ebates, and Big Crumbs), you may not have exactly $25 each quarter, but it’s still better than nothing.

    As long as your hubby’s student loan is through Sallie Mae it should pay it – at least that’s how I interpret the info from the page I linked.

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