Do you U Promise?

I opened a Upromise savings account back when they were brand new, sometime in 2002, and my parents also linked up to it, but after the excitement of the first few weeks I literally never checked on it again.  Today I was grocery shopping online (thanks to JM!) and noticed the Upromise icon.  I decided to check in on my account, which has $233 in it.  This is money for education which I have “earned” over 8 years by my doing — absolutely nothing!

However, it is also money that is doing nothing for me as I have not linked up a 529 account that would allow my to transfer the money to an account that bears interest.

Since many of us have been students, it is also useful to know that you can link up a Sallie Mae loan and use the free Upromise money to help pay down your debt as well.  Since that debt is bearing interest, shortening the life of the loan makes this pretty valuable.

I was wondering if anyone has advice about maximizing Upromise savings or putting them to good use — I’m sure we could all use some free money!