Sallie mae has a program where you link Upromise to your loans. HAS anyone tried this?
Upromise
- Thread starter Sanchik
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Are you asking about whether linking your loans to Upromise works or if using Upromise is a good idea?
I have had Upromise for almost 5 years now and it's barely made a dent in my loans. It might be more helpful if you get other people to signup and help contribute to your account as well.
As for linking the loans, everytime I get to about $50 or so, the program automatically transfers it to my loans. This happens about once maybe twice a year for me.
I have had Upromise for almost 5 years now and it's barely made a dent in my loans. It might be more helpful if you get other people to signup and help contribute to your account as well.
As for linking the loans, everytime I get to about $50 or so, the program automatically transfers it to my loans. This happens about once maybe twice a year for me.
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Basic economics dictates that if you buy a product or service from someone affiliated with Upromise, they are going to charge a higher price for that product to maintain their marginal returns. Ultimately, economic laws are linked to more fundamental physical laws, such as thermodynamics. You can't get something for nothin'. (yes there are temporary, local exceptions but same thing with thermodynamics. Put a few individual gas molecules in a box and sometimes entropy will actually decrease)
Why is Sallie Mae doing this? To extract profit as a middleman from each transaction through Upromise. They do not have your best interests in mind at all, and you are not going to pay you loans down this way.
Why is Sallie Mae doing this? To extract profit as a middleman from each transaction through Upromise. They do not have your best interests in mind at all, and you are not going to pay you loans down this way.
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Yes, Sallie Mae is doing this for a profit. Most likely they get a fee for each transaction. But then the business profits as well because it likely increases traffic to their stores. When you go to the grocery store or shop online, more likely than not you'll also buy something that you weren't originally intending to. That's how the stores recoup the cost and pay sallie mae for this service. For us, it's a tool. If used well it can have some benefits as long as it doesn't change our spending habits, like buy more than we would otherwise. When I shop online, I generally look first for the best price and then look to see if there are any upromise benefits. I'm not sure that I've ever noticed higher prices simply because I use Upromise.
Again, I've used it for several years, it hasn't made much difference in my loans but I guess it's better than nothing. I think it's more helpful if you have friends and family who sign up as well.
Other thing to consider, you are handing over a lot of your life when you sign up. They track your spending through loyalty cards and credit cards. Please keep that in mind when deciding.
Again, I've used it for several years, it hasn't made much difference in my loans but I guess it's better than nothing. I think it's more helpful if you have friends and family who sign up as well.
Other thing to consider, you are handing over a lot of your life when you sign up. They track your spending through loyalty cards and credit cards. Please keep that in mind when deciding.