UPDATE: TUITION BITES HAS GONE OUT OF BUSINESS
Six months ago I signed up for a service that claims to help people pay off student loans by shaving years off of a student loan repayment term and saving thousands in interest over the life of the loan. I decided to try it using my own student loan debt information, record my progress, and give honest feedback.
Welcome to my review of Tuition Bites!
Signing up on the site was very easy and within minutes, I had my very own online storefront. According to Tuition Bites, they have a “new featured item available for all our members to promote through their storefront”, however, since signing up six months ago, I have only been able to feature discounted Starbucks gift cards because the “new featured item” is always Starbucks! While I LOVE Starbucks and love getting 10% off a $25.00 gift card, I found it difficult to get others excited about checking out and buying from my storefront if the product never changes.
Regardless of what item is being feature, the goal is to sell so that a portion of every order, 25-30% depending on the item, is direct deposited into your linked account. To be honest, I was a little worried about giving my account information to a website I wasn’t very familiar with, but I must say that they are quick to add your financial cut from the sale(s) to your financial aid account. My first month I had three sales- one from me, one from my dad, and one from a cool She Makes Cents reader which equaled to about $20.00 paid directly to Sallie Mae.
I must admit that because the product only changed once…from $20.00 cookies to a Starbucks eGift card, I quickly lost interest in promoting my storefront. That’s the only downside I see. Like I said before, if it features affordable products that people like or want to try, something that saves money of things you regularly buy, and helps pay down massive student loan debt, then it could be a worth the time it takes to promote your storefront. In a culture where time is money, it is only worth the time, in my opinion, if there were more product options for people supporting your storefront.
Final Grade: B-/C+
How are you paying down your student loans?
Email SMC: firstname.lastname@example.org