Graduates and undergraduates struggle more and more every year to pay off their student loans, especially with the difficulties in the employment market. It's also becoming more difficult for students to obtain loans to begin with, given the raised standards of lenders.

Cash back credit cards are becoming the new thing for undergraduates and graduates to get in order to help them pay off their student loans while building their credit rating at the same time. Students can spend money and receive a percentage of what is spend back in their accounts, which can be for personal use, turned into gift cards or credited back to their credit card account.

However, there are sites like SaveUp, that reward students for saving money, without them having to spend money in the first place.


SaveUp is an easy site to understand, and signing up isn't very difficult. It is linked directly to a student's bank account, so that he can easily earn credits. Credits are earned by students taking helpful financial actions, such as paying off loans, watching a video on auto loans, linking a bank to one's profile or inviting a friend to join SaveUp. Several bank accounts can even be added to increase the number of credits received when money is added to these accounts.

Save Up

Save Up

These credits are used as entries into drawings, lotteries or instant-win games. These games range from online scratch-off lottery tickets to entries in a raffle to win cash and prizes. For each dollar amount increased in the savings account or for each dollar paid off on a loan, the student receives one credit.

Some of the prizes include:

  1.  Gift Cards from American Express and Apple
  2.   Gaming Consoles
  3.   Portable Electronics
  4.   Trips and Vacations
  5.  Airfare Packages
  6.  Debt Repayment Offers

There also cash prizes that can be won, which can be used to pay off student loans even more, and grant the student even more credits.

Signing up for the site is also 100% free, which saves a lot more money than signing up for a credit card.


The SaveUp website also has informational blogs that advise students on the best ways to save money, and what loans are in the market that can be beneficial for their needs. Students are also advised on how to save for the future to obtain mortgages and car loans, as well as how to obtain 401Ks and IRAs.


SaveUp's services should not be confused with providing financial aid. SaveUp only provides incentives on saving money by providing credits as a reward for each dollar saved. The student alone is responsible for how he manages his money. There is no real down-side to SaveUp either: even if a student never wins a cash prize or any of the other prizes, he is still rewarded for learning better financial management. Learning responsibility for maintaining one's savings accounts and budgeting for the future is a better reward than a gift card for Crate and Barrel.