Thursday, March 5, 2009

Student Loan Advice

I signed up for a really cool website about two weeks ago called Their services are only available to those people who have student loans with Sallie Mae. I think I have been getting Upromises' solicitation emails for several years, but I always dismissed them as spam. Well, I finally took the time to look into it, and I am really glad that I did. I could have made hundreds of dollars already if I would have signed up several years ago. If you have Sallie Mae loans, look into it. If you don't, the rest of this post may only make you angry.

Upromise is a portal through which you can access nearly every single Internet shopping site available. There are literally thousands of websites linked to Upromise including online stores such as Amazon and Ebay, travel sites such as Travelocity as Expedia, department stores such as JC Penney and Macy's, retailers such as Target and Kohls, electronics stores such as Best Buy and Apple, etc. Literally thousands of online shopping sites.

Upromise also links directly to your student loan account at Sallie Mae. Every time that you shop on Upromise, between 2-8% of your purchase prices is deposited into your Upromise account. Then, once per month the money from that account is applied towards your student loan balance. Your Sallie Mae statements then show two payments every month, your payment and the Upromise payment.

The names of all of the stores are listed on the site. Next to each link is a number between 2% and 8%, so you know before you buy exactly how much of a refund you will get back. This is helpful because you can compare items between stores. Even if the same item is priced the same at Best Buy and at Circuit City, one of those stores might offer you 5% cash back, while the other one only gives you 2% through Upromise.

We just signed up a couple of weeks ago. Based upon the rate that we are going, and without buying anything extravagant, just making normal online purchases that we would make anyways, we will have close to $200-$300 bucks applied to student loans by the end of the year.

Look into it.

1 comment:

Anonymous said...

Hi Michael,

Want to win $10,000 for higher education expenses?! Enter a 30-second video contest at for a chance to win!

We work with Upromise and for many families and students struggling with today's economy, college tuition simply breaks the bank. Upromise is offering a creative opportunity for future, current and even recent graduates to win $10,000 toward higher education expenses.

The Tuition Tales video contest launches on March 24 and runs through May 3, and encourages people to submit a 30-second video entry at The videos will be judged on creativity, quality and a demonstrated need for help paying for college. One contestant in each of three categories – Saving for College, In College Now and Paying it Back – will win $10,000 for college education expenses. Twelve finalists will win a $250 Bed Bath & Beyond® gift card and $250 Bank of America Visa Check Card.

The top 12 videos will be selected by a combination of online votes and a panel of judges. Once selected, all 12 finalists will be posted online and the public will vote (May 13 – 19) to determine which Tuition Tales video wins in each category. Contestants must be at least 18 years old to enter and can submit entries on behalf of themselves, a family member or friend.

To see last year’s winning video, let me know and I will send it your way. If you have any questions, feel free to call me at 561-998-1995 or email me at

Good luck!

Jackie Guzman