SmarterBucks, a Boston-based start-up, has launched a program that lets people donate shopping rewards to help a friend or family member pay down student loan debt.
From a press release:
SmarterBucks((R)), a revolutionary rewards program that helps pay down your student loans faster, announced today gifting of rewards, a new feature which allow friends and family to earn rewards on behalf of a loved one struggling with student debt. (
With gifting of rewards, anyone can sign up to earn SmarterBucks and invite another SmarterBucks member to receive those rewards. Those rewards are then automatically turned into extra loan payments on that recipient’s chosen student loan.
The program is very similar to one operated by the company Upromise which allows users to earn cash back on purchases made through its online shopping portal. While Upromise was initially designed to help people save for future educational costs, people who have outstanding Sallie Mae loans can direct the funds to paying down those loans. Friends and family can also direct their Upromise dollars to a borrower’s loan.