The people over at SmarterBucks have come up with a terrific concept that allows student loan holders to pay off their student loans faster, and we thought we’d take a look into how it works, and share what we’ve found with the readers here at Three Thrifty Guys.
What is SmarterBucks?
SmarterBucks is a program that allows users to earn rewards, or SmarterBucks, on an increasingly wide variety of day-to-day activities (e.g. online purchases, day-to-day spending on our SmarterBank® Visa® debit card, taking surveys, etc.) that then go directly toward paying down their student loan debt.
SmarterBucks is the newest product from SimpleTuition, an online student loan comparison site that has helped millions of students and families since 2006.
Here’s what the SmarterBucks website says about the program:
- SmarterBucks has created a unique program that helps individuals proactively pay down any student loan debt
- The program is free and easy to use
- Simple interface allows users to earn rewards through various methods (shopping, surveys, deals, debit card usage (purely optional), gifts from family, giveaways)
- Rewards are paid directly to borrower’s loan account. Each month your rewards balance is $15 or more, we’ll make an extra payment toward your designated loan.
- Rewards have no limits, blackouts, or expirations.
- Loans get paid-off faster.
- Borrower saves on principal + interest charges.
- Repayment can be shortened by months or years.
So, as a consumer, you can get deals and discounts on purchases, take surveys, earn rewards on your SmarterBank Visa debit card (that’s tied to your personal SmarterBank checking account – this is an optional feature that users are not required to take advantage of) , and there’s even an option where friends and family can make contributions to your SmarterBucks account, or earn rewards on your behalf. All points earned through these various opportunities will turn into reward dollars that are credited each month ($15 minimum) toward paying off your student loans.
The website seems easy to use, and sign-up and cancellation also seem like a breeze. This program, designed for both current and former students carrying student loans, was designed for the purpose of helping people get out of student loans faster, so they can get on with lives without the burden of student loan debt.
I’ve been long out of student loan debt, but the concept seems like a great way to earn and use rewards to me.
For more information – or to see how it works