Did you know that Upromise has added some new ways to use your earnings? I didn't. I found them as I was browsing the Upromise site today (and loading my monthly ecoupons). I think they are pretty exciting…since you now have a wider range of possibilities for using your money.
How Can You Use Your Upromise Earnings?
- Save and Invest: We currently transfer our Upromise earnings to a 529 plan for my boys…but you can now also have your money transferred to a Sallie Mae High Yield Savings Account instead.
- Pay Down a Loan: if you currently have a Sallie Mae student loan, you can use your earnings to help pay down your student loan balance.
- Give to Others: You can automatically transfer some or all of your earnings to another account to help them out. My parents and in-laws have been helping us for several years (thanks!).
- Collect a Check: I've never seen this before, but you can request to withdraw part or all of your money to use however you want. They mail out checks once per quarter, and if you are requesting an amount over $200, you will need to get the form notarized.
For us…our best option is still to have the money transferred to a 529 plan, since it creates automatic college savings, but it's nice that they've expanded the offerings.
What is Upromise? – check out this post for more information.
How do you use your Upromise earnings?