Gradible Review: A Unique Way to Pay Down Student Loans

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Updated on Tuesday, February 24, 2015

Students throwing graduation hats

Gradible is an alternative way to accelerate payments on your student loan debt. Three entrepreneurs who wanted to provide a new solution to the ballooning student loan debt problem that millions are facing today founded the company.

If you think it should be easier to pay off your student loans, you’re not alone, and that’s exactly why Gradible exists. The concept is simple – you get paid when you complete certain tasks on their platform, and the money goes straight to paying off your student loan debt.

It’s a great solution to the “earn more” side of the equation that many recent graduates struggle with.

In addition, Gradible is also an educational resource for recent graduates who want to be informed on the issue of student loans.

How Does Gradible Work?

Gradible is completely free and according to Gradible’s FAQ, it will stay free forever.

Gradible
You’re eligible to use the platform as long as you’re a U.S. citizen and have a loan (public or private) from a U.S. financial institution. You can be in any stage of your educational journey when you join – as long as you meet those two requirements.

Gradible offers flexible ways for college graduates to earn money toward their student loans. This money is referred to as LoanCreds, and 10 LoanCreds equals $1. A minimum of 100 LoanCreds ($10) can be redeemed at a time.

How Can You Earn LoanCreds?

Screen Shot 2015-02-23 at 2.39.22 PMYou can earn LoanCreds by completing various online tasks such as surveys, conducting Internet research, data entry, social media tasks, or writing. You also have the option of using coupons provided on the site, and you can earn credits by shopping through the retail portals on Gradible.

On their site, Gradible mentions that some of their top earners are getting $500 in LoanCreds to apply toward their loans a month. Think of how much faster you might be able to pay off your loans with even an extra $200 payment every month!

Also, friends and family who don’t have student loan debt (but are U.S. college graduates) can earn LoanCreds and put them toward other people’s student loans.

Where the Money Comes From

If you’re wondering how Gradible is able to provide LoanCreds, they have a business side to their company where they connect with brands that want their products to gain exposure via social media. These brands then provide them with a kickback for the marketing.

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Is it Worth the Work to Earn LoanCreds?

The great thing about Gradible is that it’s flexible. It’s a simple way to earn more during your spare time, as you can work on your own schedule. You only have to take on as much work as you want to complete.

If getting a second job or starting a side business seems too diffcult, then Gradible could be a good way to experiment with “working from home”. You won’t have to work with individual clients; everything is done on Gradible’s platform.

When you go to view available tasks, Gradible tells you what type of tasks need to be completed, the amount of LoanCreds you’ll receive for completing the task, and the estimated time it will take to complete.

When I registered for Gradible, I had three types of tasks available to complete. All of them were estimated to take less than 10 minutes. That’s not a large commitment at all, and these tasks awarded around 5 LoanCreds each.

Plus, due to the wide variety of ways to earn LoanCreds, you should be able to find something you’re proficient at. If taking surveys isn’t your thing, then use your Google skills and do internet research instead. Pick tasks you can easily complete so that the experience is enjoyable, as there’s no maximum to what you can earn.

At the end of the day, you need to figure out how badly you want your student loan debt gone. Remember that when you take longer to pay off your student loans, more interest accrues, meaning you’ll pay more over the life of your loans.

By dedicating a half hour to an hour (or more!) each day to tasks on Gradible, you can possibly earn $20 extra to put toward your student loans. That’s $140 extra a week!

Gradible as an Educational Resource

Gradible isn’t just a platform where you can earn LoanCreds to accelerate your student loan payments, it’s also an educational resource where you can learn about how to manage your student loan debt.

They offer free loan repayment consultations, which you should take advantage of if you’re unsure of how student loan debt works.

Their blog is also a great resource for recent graduates. Recent topics covered include the difference between consolidating and refinancing student loans, types of student loans, and deferment and forbearance.

From looking through their website, it seems as though they truly care about their users. The founders of Gradible realize that student loan debt is a great burden felt by many, and they want to do what they can to lessen it.

The Fine Print

There are a few things you should be aware of before moving forward with Gradible.

The process of redeeming LoanCreds can take up to 1-3 weeks, depending on your student loan servicer.

For that reason, Gradible strongly suggests not skipping out on making your normal monthly student loan payment. You should view this as bonus income, not as a replacement to your regular payments.

Gradible cannot be held responsible for late payments on student loans, and you definitely don’t want to take a chance on late payments.

Your earnings with Gradible are also subject to taxation as a 1099 independent contractor. If you’re familiar with freelancing, Gradible works like a client does. Your earnings aren’t taxed, and so the responsibility falls to you to pay taxes on it, as long as you’ve earned over $600. If this sounds confusing to you, Gradible assures users their support team is there to help if you have any questions.

Should I Sign Up?

You should at least give it a try. Again, the service is free, and you’re not obligated to complete any tasks you feel aren’t a good fit. In fact, if you look at the details of a task and decide you don’t want to complete it, there’s an “unassign” button you can hit to pass on the task.

You can stop participating on Gradible at any time, but try to earn at least 100 LoanCreds so you can cash out on your efforts.

If you’re a recent college graduate looking for an easy way to earn more money to put toward your student loan debt, then you should look into Gradible. What’s better than earning credits from home, on your own time?

Gradible is also a fantastic option for those that have a hard time putting extra toward their student loans because they tend to spend their savings. With Gradible, you’re forced to put your LoanCreds toward your student loans, as they require you to input your loan servicer’s information. LoanCreds go straight to them – not your bank account.

Bottom line: if you’re looking to accelerate your student loan payments and want to say good bye to your debt quickly, then we recommend looking into Gradible.

Share your methods to paying down your student loans in the comments or on Twitter @Magnify_Money.

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