Janice Lozano
Upromise is a free rewards platform that can help you pay off your student loans faster. By linking your Upromise account to your bank account or 529 college savings plan, you can earn cash back rewards on everyday purchases, dining, and online shopping. These cash back rewards can then be transferred to your linked account and used to pay down your student loan debt. Upromise also offers a credit card with cash back rewards, but it is important to pay off the credit card balance in full each month to avoid accruing additional debt. Overall, Upromise provides a way to earn extra money towards your student loans without significantly changing your spending habits.
| Characteristics | Values |
|---|---|
| Cost of joining Upromise | Free |
| Upromise account linking | Can be linked to all 529 plans, student loan accounts, and bank accounts |
| Cashback rewards | 1% to 5% on purchases, up to 20% on specific vendors, and up to 40% during the holiday season |
| Cashback usage | Can be transferred to a linked checking or savings account to pay back student loans |
| Upromise credit card cashback | 1.25% cashback on purchases |
| Upromise Mastercard cashback | 1.5% cashback on purchases |
| Upromise student loan repayment program | Helps American families save for college and pay off student loans |
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What You'll Learn
How to link a student loan account to Upromise
Yes, you can use Upromise to pay your student loan. Upromise helps you pay off your student loan debt faster by rewarding you for shopping and dining at thousands of participating stores and vendors. The funds are then put into your Upromise account, which you can use for college savings or to pay off your student loan debt.
Upromise partners with Gift of College to allow you to transfer your Upromise cashback rewards into a linked student loan account. Nearly all U.S. student loan account servicers are supported.
- Log in to your Upromise account and click on the "Profile" link at the top right of the page.
- Click on "Link Student Loan Account" from the Profile page.
- Read the modal about how Upromise uses a third-party Gift of College to connect your student loan account. Click "Continue" to proceed.
- Click on "Connect Your Student Loan".
- Review the information on how your student loan will be linked to Gift of College and click "Continue".
- Select your loan servicer from the list of options. Most loan services are supported, but you must select one from the options.
- Enter your student loan information, including your username, user ID, or email address, and password.
- If successful, you will see a message confirming authentication. Click "Continue" to proceed with the linking process.
- Close the student loan account linking modal by clicking on the "x" in the upper right corner.
- You will now see your student loan account linked to your Upromise account.
You can also choose to link a 529 college savings plan to your Upromise account and use it to pay down your student loan debt. Up to $10,000 from your 529 plan can be used to repay student loans without tax consequences or penalties.
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Upromise Mastercard cash back rewards
The Upromise® World Mastercard® is issued by Barclays Bank Delaware and can be used to earn cash-back rewards to pay down your student loan debt faster. Upromise links directly to your bank account or 529 account, and every dollar you spend through the Upromise program earns cash back for college or for student loans.
Upromise credit cardholders can earn 1.25% cash back on purchases made. Additionally, cardholders can earn a $100 bonus cash back after spending $500 on purchases in the first 90 days. You can also get up to $250 in cash-back rewards per calendar year on eligible gift card purchases at MyGiftCardsPlus. Furthermore, Upromise Round Up lets you round up your purchases to the nearest dollar, and the total round-up amount is considered a purchase and converted to cash-back rewards.
Cash-back offers through the Upromise shopping portal are typically 1% to 5%, but they can be as high as 40% for specific vendors, especially during the holiday shopping season. For example, you can earn 2% cash back at Costco, 8% at Sam's Club, and cash back at various grocery stores and wireless carriers. There's also cash back on sites that already offer deals, such as 3% cash back on Living Social or 4% cash back on Groupon.
Upromise is free to join, and you can easily put an extra $1,000 a year towards your student loans without taking on a second job or changing your spending habits.
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Upromise's 529 college savings plan
Upromise is a great way to pay off student loans without changing your spending habits. By linking directly to your bank account or 529 account, you can earn cash-back rewards on purchases made through the Upromise program or with the Upromise World Mastercard. These rewards can then be transferred to your linked checking or savings account to pay back student loans. Upromise also offers a \$30 cash bonus for joining and linking your 529 college savings plan.
A 529 college savings plan is an investment plan sponsored by a state that helps families save for higher education expenses. Savings in a 529 plan grow tax-free, and withdrawals are income tax-free when used for qualified education expenses, including tuition, fees, room, board, books, supplies, and equipment. 529 plans offer simplified investment options that automatically adjust as the child gets older, and the owner, usually a parent, has control of the funds.
Upromise seamlessly integrates with 529 plans, allowing you to link any 529 plan to your Upromise account. This enables you to take advantage of Upromise's cash-back rewards and bonuses, which can be automatically contributed to your 529 plan. By directing your spending through the Upromise portal, you can earn cash back at thousands of participating stores and vendors, with cash-back offers typically ranging from 1% to 5% and sometimes reaching up to 40%.
Additionally, Upromise credit cardholders can earn 1.25% cash back on purchases. It's important to note that this is beneficial only if you pay off the entire credit card balance each month, as carrying a balance will result in interest charges. Overall, Upromise provides a great opportunity to earn extra money towards your student loans or 529 savings plan without significantly changing your spending habits.
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Upromise's free cash for student loans
Upromise is a free rewards program that can help you pay off your student loans faster. It is a division of Prodege, LLC, which operates a portfolio of digital rewards and cashback programs. Upromise has been featured in Student Loan Hero (The Lending Tree), NerdWallet, and MoneyCrashers as a good way to pay off student loans early without changing your habits.
Upromise works by rewarding you for shopping, dining out, taking surveys, and other everyday online activities. You can earn cashback rewards of up to 20% on purchases at participating stores, including grocery, travel, clothing, home improvement, and auto repair. You can also earn rewards for playing mobile games and taking surveys. These rewards can then be transferred to your Upromise account and used to pay down your student loan debt.
To use Upromise, you need to link your student loan account to your Upromise account. Upromise partners with Gift of College to provide this ability, and nearly all U.S. student loan account servicers are supported. Once your accounts are linked, you can choose to pay back your student loans by transferring your Upromise cashback rewards to your linked checking or savings account.
Upromise also offers a credit card, the Upromise® World Mastercard®, which allows you to earn cashback rewards on your purchases. Upromise credit cardholders can earn 1.25% cashback on purchases made with the card. However, it is important to note that you should only use this card if you are paying off the entire credit card balance each month, as you will otherwise be charged interest of up to 24.99%.
In addition to the cashback rewards, Upromise also offers a $25 bonus for new members who link their student loan accounts. Overall, Upromise can be a helpful tool for paying off your student loans faster, especially if you are diligent about using the program and take advantage of the various cashback opportunities.
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Upromise's third-party Gift of College
Upromise is a free program that offers cashback rewards when shopping for everyday items. By signing up, you can earn over $1,000 a year in free money to help boost your college savings or pay off student loans. Upromise links directly to your bank account or 529 account, so every dollar you spend through the program earns cashback for college or student loans.
Upromise partners with third-party Gift of College to provide the ability to transfer Upromise cashback rewards into a linked student loan account. To link your student loan account to your Upromise account, you must first log in to your Upromise account and click on the Profile link in the account pull-down menu. You will then read the modal about how Upromise uses a third-party Gift of College to connect your student loan account. After clicking "Continue," you will review the information about how your student loan will be linked to Gift of College and select your loan servicer from the list of options. You will then enter your student loan information, including your username, password, and potentially your date of birth, Social Security Number, phone number, or loan account number. Once you have linked a student loan account to your Upromise account, you will receive a confirmation email.
Upromise is the only shopping app that can be linked to all 529 plans in existence. By signing up for Upromise, you can earn cashback rewards of up to 20% at thousands of participating stores and vendors. You can also earn additional rewards for purchasing gift cards and dining at participating restaurants. Upromise members can even earn cashback at the supermarket by submitting grocery receipts.
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Frequently asked questions
Yes, you can use Upromise to pay off your student loan debt faster by earning cash-back rewards on your purchases. Upromise links directly to your bank account or 529 college savings plan, and you can allocate the money earned to pay down your student loans.
To link your student loan account to your Upromise account, first log in to your Upromise account and click on the Profile link. Then, click on "Link Student Loan Account" and follow the subsequent steps to connect your student loan account through the third-party service, Gift of College.
Upromise is free to join and offers an easy way to earn cash back on everyday purchases, which can be used to pay down student loan debt. Upromise partners with thousands of vendors, including grocery stores, travel companies, clothing brands, and home improvement stores, allowing you to earn rewards on a wide range of purchases. Additionally, Upromise features a cash-back credit card with no annual fee and a 23-day grace period for avoiding interest on purchases.
