The price of a college education has risen at an unfathomable rate over the last 11 years. In fact, the College Board has noted a 67% increase in the cost of private education since 2003, with many of the top private schools now exceeding $60,000 annually. The rise in education costs has resulted in student loan debt skyrocketing past one trillion dollars, more than quadrupling in the last decade.
Managing student debt can be overwhelming and seems never ending for many. Graduation should fill you with a sense of accomplishment and freedom, but the shackles of student debt threaten that feeling of true independence. SaveUp, a new way to manage your student debt, promises to help you.
SaveUp is the first personal finance program of its kind. For the first time, students across America can be rewarded for saving money and paying off their student loans.
- Free for everyone who needs help paying back student loans
- A simple dashboard gives you insight into all your accounts, including your student loans
- Get rewarded as you make progress towards your financial goals
- It’s simple--the more you save and the more debt you pay off, the more chances to win
- Prizes include gift cards, student loan debt payments and even $2M cash
Through a partnership with American Student Assistance, SaveUp is already helping thousands of students and graduates across the United States pay down their student debt.
SaveUp uses Intuit and leverages bank level encryption to provide you with a safe and secure financial management solution.
Student debt is a real threat to long-term economic stability in the United States. For the first time ever, recent college graduates are facing educational costs that are rising faster than inflation, while post-graduate wages have actually fallen over the same period of time.
While you cannot currently shed debt through bankruptcy, there is legislation that proposes the ability for borrows to shed student debt from private lenders through the bankruptcy process. Unfortunately, over 90% of all student borrowing is comprised of federal loans, so if you are looking for a reprieve, do not count on legislation.Image source: Tumblr