Upromise - learn about Upromise and saving for college

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Frequently Asked Questions (FAQs)
about Upromise®

  • This sounds too good to be true? What's the catch?

    There is no catch. Upromise was founded with a simple desire to help people lessen the challenge of paying for college. Through the thousands of partner relationships established with retailers of all type, anyone can now make their everyday spending count towards money for college. The money you earn actually comes from Upromise partners, who are willing to give a percentage of whatever you spend with them back to you. They do this because:

    • They believe in helping to make college more affordable for millions of Americans and;
    • It's good business for them. Through Upromise, they're able to develop relationships with over 10 million members who are motivated to choose Upromise partners when shopping online, eating at restaurants, buying groceries, and so much more.

  • Is this only for people with kids who have yet to attend college? I just graduated from college-is it too late for me?

    Upromise is really for everyone. If you've just graduated from college, Upromise Loan LinkSM is a service to help pay down your Sallie Mae® student loans. If you're in high school or college, you can use the money you earn through Upromise to help pay for expenses you have now, or to help pay your eligible student loans after college

  • What is the earning potential? Is it worth it?

    As one of our members put it, "You can't argue with free money." Some members are earning at least $1,000 per year. In fact our "Super Savers" have accumulated thousands of dollars each to help pay for college just by doing many of their regular activities through Upromise partners...shopping online, charging expenses, filling up their gas tank, dining out, traveling, buying groceries, the opportunities are nearly endless. The more you engage with the choices of the Upromise service, the greater your earnings potential. See how one day's spending can add up!

  • Does the money I earn expire?

    The money you earn through Upromise never expires. It's a rewards program where you get money to pay for college. Save for a loved one yet to go to college, someone in college, even for future generations. Your earnings never go away; they just continue to accumulate the more you engage with the Upromise service.

  • Is there a limit to what I can earn in my Upromise account?

    There is no limit to how much you can earn in your account — per year or over the lifetime of your account.

  • How does the money get in and get out of my account?

    When you make a purchase with a Upromise partner, the earnings are linked to your Upromise account.

    • If you're shopping online, you must click through to participating partners from the Upromise website to get the credit for your transactions.
    • If you're going out to eat, you must pay with any credit or debit card registered in the Upromise Dining program.
    • For participating groceries and drug store items, you must swipe your store card registered with Upromise.
    • When purchasing through other partner retailers and services, you must pay with a registered credit or debit card. Be sure to check with partners to ensure your transaction is eligible for Upromise earnings.

    After the purchase is verified, the money is deposited into your Upromise account. Then, once you've accumulated $25, you have choices to either invest your earnings for growth in an eligible 529 account or use them to systematically pay down your student loan(s), You can even request a check directly from Upromise to cover school expenses or invest on your own.

  • How long does it take for the money I earn to show up in my account?

    Posting time differs, but transactions are usually posted to your account within 30 to 90 days. When you look at your homepage, you can see transactions that are pending as well as those that have been funded by our partners in account.

  • Is Upromise a 529 plan?

    No, Upromise itself is not a 529 plan. It is a free service created to help make college more affordable. Our mission is to help you earn money for college, save money for college in a 529 Plan, and pay for college by applying your earnings to Sallie Mae student loans. 529 college savings plans are offered through Upromise Investments, Inc. (member FINRA/SIPC).

  • I don't have kids. How would I benefit from a Upromise membership?

    There are a few ways. Your earnings can be used for any educational purpose. You can use funds to pay for the classes you need to make a career change, to upgrade your skills, to get a certification, learn a language, or go back to school. Or you can contribute your earnings to a family member or friend's account to help them save and pay for college. If you plan to have a family in the future your contributions can remain in your Upromise account until that time - they don't expire like with other loyalty programs.

  • Does the money that goes into my Upromise account earn interest?

    No. Your Upromise earnings accumulate without interest, but they are tax-free. You do have the flexibility to transfer those funds into an alternative savings vehicle.

  • Do I get charged higher prices from Upromise partners to get the college savings?

    The prices are the same for everyone; they are not marked up for Upromise members. On the other hand, Upromise members often receive exclusive special offers and free shipping deals.

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