Get Out of Debt Guy

One Way to Eliminate Your Student Loans in Your Spare Time

Posted March 16, 2015

We talk a lot about student loan debt and how to deal with it here at GetOutOfDebt.org. It is something that so many people are trapped under. How do you start a family, buy a home or just live a comfortable life when your minimum monthly student loan payment is more than most mortgage payments? You could easily pay off those pesky student loans if you only had more money.

You could get a second job. Who needs to spend time with friends and family? Don’t you just love that soul crushing feeling of your seemingly insurmountable student loan debt hanging over your head? No? Well then you are in luck. I was recently introduced to a website that just may help. Gradible.com provides opportunities to help pay down your student loans.

How it Works

All you have to do is create a profile, which takes all of two seconds, verify your email and start completing tasks. Every task you complete earns you “LoanCreds” 10 LoanCreds is equal to $1. You will not receive a check for any amount of money, ever. You enter your loan account information and Gradible sends the money directly to pay down your federal or private student loans. The tasks vary from craigslist postings to surveys, blog posts, data entry and more. The amount of LoanCreds you earn depends on how much work you put into completing tasks.

Is it Worth it?

I wanted to get the inside scoop before telling you guys to rush over and start an account. I had the opportunity to talk to a few of Gradible’s users.

John Michael has earned $2400 in the last year in addition to working full-time. He credited Gradible with more than helping him earn some extra cash to pay down his student loans. When asked about his experience with Gradible, John Michael told me "Having this extra money on the side honestly gave me the extra bit of confidence and security I needed to quit my old job and move across the country. Knowing that I had this way to continue paying off my loans was that extra little bit that made it easier for me to get out of a bad career situation and find another job that made my life a lot better."

I also spoke with Autumn, whose experience with Gradible really exceeded my expectations.

Autumn joined the site in late October and has already earned $2478. Autumn is incredibly motivated to pay down her debt and while she typically logs 2.5 hours a week doing simple craigslist postings she said there have been times when she put in 8-30 hours a week doing data entry. In regards to the amount of hours she logs doing the data entry Autumn said, "I’m willing to spend the time because I know I am helping a company grow their business and product, and it’s something I can work on after I get off work in the evenings while sitting at home watching Netflix or listening to music."

Keep in mind that Gradible.com will send you a 1099 after you have redeemed LoanCreds in the amount of $600 or more. You are responsible for paying taxes on that money as income earned even though it went directly to pay down your student loans and never saw the inside of your bank account. However, estimating your taxes is not difficult. I have had to do it for many contract jobs I’ve held over the years and the process is very straight forward.

Bottom Line

Gradible.com is a legitimate way to help pay down your student loans.

They have already helped their members pay back more than $250,000 in student loans. You determine how much you work. Whether you can put in 3 hours a week or 30, this is a realistic way to chip away at your student loan debt. There is finally an alternative to waiting tables or cleaning office buildings at night in addition to your 9-5.

The Gradible team is easy to work with and new tasks are added all the time. I only wish they offered a program for mortgages or personal loans as well.

Pete Wylie, co-founder of Gradible.com, made it clear how much he and the rest of the Gradible team want you to succeed when he said, "We are very committed to doing everything in our power to help those with student loans manage repayment."

We were in no way compensated for this article. We really do think this is a great company that can really help a lot of people in dealing with their student loan debt.

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About this Blog:

Steve Rhode has had careers in opthalmology, real estate and as the head of a nonprofit debt counseling firm. On his blog, he offers hard-won, free advice about getting out of debt, consolidation and making the right choices as you manage your money.