An Exciting New Way to Conquer Student Loans

student loans reward program
There’s no question that student loans are completely overwhelming for a majority of people (they were for me). We’re all encouraged to get higher educations, take on massive amounts of debt when we’re fresh out of high school (at an age when most of us can’t even begin to fathom the amount of student loans we’re happily signing up for) in hopes of an amazing future (I eagerly did it!). Fast forward to 6 months after graduation and you’re obligated to start paying back the loans. Things go fine for awhile but reality soon hits when you see that the majority of your income is going to pay back your student loans.

So how do you continue to trudge along paying off the student loans while not getting discouraged in the process, and come out victorious over those big ol’ debts? I’m happy to report that there is a new tool that will help…

With national student loan debt exceeding credit card debt in 2012, SimpleTuition decided to create a unique new rewards program to help the 38 million Americans pay down their student loan debt faster. The new rewards program is called SmarterBucks and it is innovative. The program is completely free and gives users cash-back on their everyday purchases that go directly towards paying down student loans. Whether it’s through purchases online through their Marketplace, taking branding surveys, financial literacy quizzes, or day-to-day spending using the SmarterBank Visa debit card, SmarterBucks users earn rewards on the money they are already spending to help them pay down their student debt faster.

There are 6 Key Ways to Earn Rewards (with more on the way):

1. The SmarterBucks Marketplace

The Marketplace has hundreds of brands that can earn members anywhere from 1-16% with online purchases.

2. Gifted rewards from family and friends

Family and friends can sign up for SmarterBucks and SmarterBank and gift any earned rewards to the recipient of their choice. A SmarterBucks member can have as many Gifters as they want.

3. Contributions from family and friends

SmarterBucks members can invite family and friends to make one-time or recurring monthly contributions from their credit/debit card that goes directly toward paying down that member’s designated student loan.

4. SmarterBank® Visa® Debit Card

With the (optional) SmarterBank Visa Debit Card, members will earn SmarterBucks rewards on all non-PIN purchases that they make with the card.

 5. SmarterBucks Exclusives

Special offers, often arranged directly with the merchant, offers discounts that can’t be found in the SmarterBucks Marketplace.

 6. Monthly SmarterBucks Giveaway

Every month all SmarterBucks members are automatically entered to win anywhere from $1,000-$2,500 in SmarterBucks. (Love this!)

 

Do your student loans weigh you down and how are you conquering them? 

This is a sponsored post but as always, my opinions are my own. Thanks for supporting the brands that help make this site possible! xo!

14 comments

14 thoughts on “An Exciting New Way to Conquer Student Loans

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  1. Chelsea Parker Guidr

    Is this for reals? I just signed up for it, and am considering the bank account too, because I’m so annoyed with having so many student loans. Anything that helps would be awesome!

    Reply
  2. CollegeMom

    My daughters aren’t out of college yet and hopefully will have little to no debt, but what a great idea to help pay what debt they might have. Plus, they have a lot of friends who will graduate with quite a bit more debt.

    I just emailed the link to the oldest to get her impression. I love finding new ways to make my purchases work for me – especially when it is something I was going to buy anyway. I just checked the marketplace and there are stores listed we shop at frequently.

    Reply
  3. Nancy

    Spend your way out of debt? I see problems with this mind set. How about this: instead of buying those $100 shoes from Nordstrom (one of the Smarterbucks marketplace partners) and getting a small percentage applied to your loans, skip the purchase and put the entire $100 toward paying down the loan.

    Reply
      1. Nancy

        In a quick scan of the “marketplace” partners, I didn’t see any grocery stores. On closer look, Target and Walmart are there, but I won’t shop at Walmart on principle and I only occasional get few food items at Target. If these are one’s regular sources for groceries, okay then, but the vast majority of participating retailers sell the “wants” rather than the “needs.”

        Reply
    1. Anna Newell Jones Post author

      Hi Nancy, I definitely am not an advocate of “spending your way out of debt”, and I think that is a very unwise idea. However, I am into the idea of extreme cutting back and then with the “needs” purchases that are still left if you can get some sort of benefit from spending what you would’ve spent anyway then that is great.

      Reply
      1. Laura

        I’m totally with you, Anna! If you were going to make the purchase anyway, why not take the benefit with it? Very cool concept.

        Reply
  4. Nancy

    The psychology of this sort of business is “it’s okay to buy this thing I don’t really need because it’s helping to pay off my debt.” Until there are grocery stores in the smarterbucks marketplace, a credit card that pays cash back on groceries is my preference.

    Reply
  5. Bri

    I’ve used a similar debit card/marketplace with a different company for my airline & it adds up quick. I work excessive OT at my job & shopping online is the main way I can keep up. I’m going to check this out for drugstore.com alone!

    Reply

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