SmarterBucks Offering $10 In Extra Student Loan Payments To Every Borrower In The Country

BOSTON, April 24, 2013 /PRNewswire/ -- SmarterBucks^®, a revolutionary rewards program that helps pay down your student loans faster, today shared details of the Earn $5 Get $10 promotion. New SmarterBucks members who sign up before September 15, 2013 and earn their first $5 in rewards by the end of the year get their next $10 for free! The best part? Rewards are easy to earn and signing up is free.

SmarterBucks rewards are used to make extra payments on any student loan, whether federal or private. Graduates, students, or family members of someone with student loan debt can sign up, earn rewards, crush student debt. But remember: SmarterBucks rewards are worth more than their face value because they're used to pay off a loan's principal. That saves money on interest, which accrues over time. Depending on a loan's interest rate and repayment period, a $15 extra payment could reduce the total cost of the debt by as much as $30 or even more.

"Making extra payments is one of the best ways to get out of debt faster and for less," said Kevin Walker, co-founder and CEO of SimpleTuition, the company behind SmarterBucks. "And that's what SmarterBucks is all about – harnessing the power of extra payments. And that's why we launched this campaign – because we'd love to give away $10 to every student-debt-holder in America."

A typical SmarterBucks user who takes advantage of all the ways to earn rewards can expect to earn $15-$30 in rewards a month (https://www.smarterbucks.com/earn). A typical user in the beginning of their repayment period who earns $30 a month could save up to $4,120 over the life of a typical loan and shave 23 months off repayment. This is for a $15,000 loan with a 6.8% interest rate and a 10-year repayment period. (https://www.smarterbucks.com/why_smarterbucks).

SmarterBucks members can earn rewards in several ways.  At the SmarterBucks Marketplace (http://www.smarterbucks.com/marketplace),users can earn up to 10% back when shopping with their favorite online retailers. Through SmarterBank^® (http://www.smarterbank.com/), an online checking account, users can earn SmarterBucks rewards on everyday purchases with the SmarterBank Visa^® Debit Card. There are also SmarterBucks Exclusives (http://smarterbucks.com/exclusives), which are exciting new ways for members to earn more rewards. Another great feature is the SmarterBucks Gifter accounts (https://www.smarterbucks.com/gifting), which allow family and friends of those with student debt to earn rewards on behalf of another SmarterBucks member—potentially doubling or even tripling the amount of rewards they can earn each month. Those rewards then become extra student loan payments, which are redeemed automatically.

About SmarterBucks® and SmarterBank®
SmarterBucks (http://www.smarterbucks.com/) and SmarterBank (http://www.smarterbank.com/) are both new products created by Boston-based SimpleTuition (http://www.simpletuition.com). A revolutionary new rewards program, SmarterBucks allows members to earn rewards that are used to pay down any student loan. SmarterBank is a new online checking account designed to help the millions of people with education debt better manage their money. The SmarterBank checking account even provides an additional opportunity to earn rewards on everyday purchases with its SmarterBank Visa Debit Card. Banking services for SmarterBank are provided by The Bancorp Bank, Member FDIC. SmarterBank and SimpleTuition are headquartered in Boston, Mass., and backed by Atlas Venture, Flybridge Capital Partners, and North Hill Ventures. For more information, visit SmarterBank.com.

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SimpleTuition® is a registered trademark of SimpleTuition, Inc., in the United States and all other brands, products or service names are or may be trademarks, registered trademarks or service marks of, and used to identify, products or services of their respective owners.

Media Contact:
Jan Jahosky
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SOURCE SimpleTuition