The average college graduate will exit their academic career with over $28,000 of student loan debt according to the Huffington Post, compared with median income of around $46,000. That’s a huge burden to have on your shoulders as you begin your professional life. College graduates are best served by making those hard earned dollars working for retirement instead of paying off their education as soon as possible, so they can use all the help they can get.
One tool that can help make that a reality is a new program called SmarterBucks® .
SmarterBucks is the latest product from SimpleTuition, an online student loan comparison site that has helped millions of students and families find the best way to finance their college education since 2006. It’s free and easy to use, and students can even begin using it while they are still in college to get a head start on those student loan payments.
How it works:
After signing up for the program online, users can begin to earn rewards multiple ways including shopping, surveys, and even contests. Each month that your rewards balance is $15 or greater, the funds are applied to the student loan account designated during the sign up process.
One of the great features of SmarterBucks is that you can have friends and family sign up as well, designating your student loan account to receive their earned rewards. The more people you get using SmarterBucks, the faster your student loan will decrease!
The website indicates that you can earn rewards of up to 10% of your purchases from some retailers, however it in reality it looks like most rewards are lower. That being said, every little bit helps, and making extra payments on your principal can save you much more than just the face value of the rewards on your debt. Check out this graphic to see exactly what I mean!
SmarterBucks is a program that will give back to you as much as you are willing to give. The more effort you give, and the more friends and family you can get to participate, the greater impact it will have on your student loan balance. If you’re serious about getting rid of that student loan debt, you could reduce the time it takes to repay your loans by months or even years. If that sounds good to you, SmarterBucks is definitely worth a look.
Have you heard about or tried Smarterbucks? How is it working for you?