Business // September 23, 2013
Debt. It just doesn’t seem to go away. Whether we’ve racked up credit card bills during the summer wedding season or had to give in and get a new car, many of us have some form of debt to our name. More than likely, however, most of us have debt in the form of the good ol’ student loan. According to American Student Assistance, today in the U.S. there is approximately $902 billion to $1 trillion in outstanding student loan debt.
Fortunately there are programs out there that help students and recent graduates pay off their loans more quickly and efficiently. One such program is SmarterBucks – a website dedicated to helping reduce student loan debt (and don’t worry, it’s legit. SmarterBucks is an FDIC member).
A website that promises to help pay off student loans faster? Sign me up! As a woman who is more-than-eager to pay off her grad school loan, I eagerlyaccepted the invitation to check out SmarterBucks and explore how the service could help me out. After all, that hefty monthly payment would be much more useful in my savings account, or for charity, or …perhaps the occasional extra pair of shoes.
Through using a special debit card issued by SmarterBanks or simply making purchases through preferred vendors, SmarterBucks will give users up to 10% back in rewards to help pay down student loans. Users can also invite family and friends to contribute to their account.
SmarterBucks offers great tips and resources for debt management, as well as exclusive discounts and deals for users.
The User Experience
Signing up for the SmarterBucks account and inputting all of your information is easy. In order to actually pay down a loan, users will have to link their SmarterBucks account to their student loan account so that SmarterBucks can track it. The site seems really secure, so this shouldn’t be a concern.
The actual process of earning rewards and paying debt down has been a bit of a challenge for me thus far. Since I don’t necessarily need to make purchases from vendors within the SmarterBucks marketplace, I have yet to actually earn any rewards to go toward my loans. Still, for the diligent buyer who is determined to pay off her loans, the process is simple and each dollar will add up quickly.
My advice is to sign up for the SmarterBank debit card. This is the fastest way to make qualifying purchases that will help erase that debt. It works like any rewards Visa where you earn points or cash back for everyday purchases, except you get SmarterBucks back instead – and those go toward your designated student loan. It’s a win-win!
If you have student loans to pay off, you should definitely give SmarterBucks a test drive to see if it will work for you. Every dollar toward those loans helps, and soon (okay, maybe a few years from now) the debt will disappear.