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(EstateNewsWire.com, September 28, 2012 ) San Francisco, CA- Jonathan Hood paid for $2,500 of his $4,500 tuition bill through rebates he earned online. Hood said he entered between 200 and 250 prepaid debit cards into the university's online payment system. The remainder he paid with rebate checks he had gained, reported Business Insider.
"On a weekday, I usually have about two or three debit cards or rebate checks coming in," Hood said. "[Stores] usually have at least one item come up online that's free with a rebate, usually two or three. I'll purchase the item, save the UPC code and mail it in with the receipt."
Hood explained that his father helped inspire the idea when he was 15 years old. "My dad kind of got me hooked," Hood told Business Insider. "We stood in line early in the morning and I found out then I could get the games I wanted for either really cheap or for free [with mail-in-rebates]."
After that, Hood was hooked on finding rebates where he could to gain purchasing advantages.
There are pros and cons to attempting to pay for tuition, or any other high-priced item with rebates. The system can certainly work if attention to detail is focused on. Money that is not utilized toward the main goal can also go to savings or other purchases. However, the time and effort spent in order to gain the rebates may not be cost efficient for some individuals.
"My average rebate takes 11 minutes to fill out and cash, and is for $40. My envelopes and pens were free after rebate, so their cost is negligible. For this $40 rebate, I use a 2% cash-back credit card to purchase the item ($0.80 profit) and receive anywhere from 0-5% using FatCash from Fatwallet or a similar service. Stamp price is $0.45. Then, I turn around and sell the item on eBay for an average profit of $11.91 after shipping and taxes per item."
Hood has also developed a tracking system for rebates, according to the Huffington Post. The system has thus far assured him no student loans for the semester, and now he has begun the quest for next year's tuition. He has $160 and an expected $600 for the near future.
Average tuition at four-year public schools rose 15% between 2008-2010, reported the Associated Press.
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Source: EmailWire.Com 
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