How to Pay Off Student Loans with Upromise

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By Erin Huffstetler
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Upromise is a great (and free) way to save for college; but did you know that you can also use Upromise money to pay off your existing student loans? Read on to learn how it's done.

Difficulty: Easy

Instructions

Things You'll Need:

A Upromise account
Your student loan information

How to Pay Off Student Loans with Upromise

Step 1

Open a Upromise account, if you don't already have one. (Go to upromise.com).
Step 2

Then, log into your account and select "View My Account" from the navigation bar. This will open the "Account Summary" page.
Step 3

Select "Link a Student Loan Account" from the menu.
Step 4

Choose your loan type from the menu: a Sallie-Mae loan or an AES loan.
Step 5

Enter your social security number and date of birth. Upromise will then verify your loan accounts, and link them to your Upromise account in approximately five to ten business days.
Step 6

Click "Set Allocations" to select how much of your Upromise earnings you'd like to go towards your student loans.

Tips & Warnings

Student loan transfers can only be made for the person who's name appears on the account.
You must accrue $50 in your account before the first transfer will be made. Thereafter transfers will be made each time you accrue $25 or more in an earnings quarter.
Upromise student loan contributions are not a substitute for regular loan payments.
Invite your friends and family to join Upromise, so they can help you save.