If you knew of a website that allows you to put money into a Savings 529 plan or accumulate funds to help pay off your current student loans, you would jump on it, right? Well, Upromise has created just this site. Upromise is a college savings service that allows everyone you know to help save money for your college expenses by shopping for products or services you already use. Members shop through the partners sites and in turn, earn money toward a savings plan or current student loan.
How it works
The process is simple - you sign up for an account and then register your credit cards, debit cards, grocery cards and drug cards to start receiving benefits. Once registered, you shop online through Upromise and receive anywhere from 1% to 25% back from your purchases, 8% back from restaurants, and 1% to 3% back from grocery and drug stores. These percentages accumulate in your account before being transferred quarterly to savings or a linked loan. Some partner stores allow you to shop in the store or through a catalog while others allow you to purchase online and then pick up in the store. Most however, require that purchased be made online.
Savings can really add up
Most college students or recent graduates are in the saving and scrimping mode where they try to avoid unnecessary costs and expenses. Upromise is not a site that you splurge on, although that can happen if you are not careful. Instead, turn to this site and shop online for purchases you normally make. For instance, if you have a pet and know you will be needing food at the end of the month, order your food online at PetCo (through Upromise) and then pick it up in a week after it has arrived. You will have purchased your same pet food (without unnecessary shipping costs) and saved 2 percent toward your loans in the process. With everything from Ace Hardware to Wal-Mart on board, I am sure you can find the retailer you use.
You may be thinking that a small percentage isn't really going to help. Multiply that small percentage by all the purchases you usually make and the savings can really add up. Add in that you can save by shopping for car insurance, purchasing gas, eating at restaurants, buying magazines, and grocery shopping along with a lot of other options and you will really see the impact of a small percentage here and there. Visit the site and take the time to learn all the shopping partners and different ways to earn money so you are able to reap the greatest benefit from the site.
Pros:
• Simple registration
• Easy to register for a Savings Plan or link to an existing loan
• Over 600 retailers to purchase from
• Over 8,000 participating restaurants
• Online support forum
Cons:
• Must purchase most of your items online resulting in shipping charges
• Inviting family and friends can be confusing and difficult
• Site navigation could be improved
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