Upromise - learn about Upromise and saving for college

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Using your earnings
It's your money – use it however you like!

  1. Invest in a 529 plan

    Grow your earnings
    in a simple and rewarding High-Yield Savings Account by Sallie Mae®

    If you want to earn a great interest rate on your savings while keeping your money accessible for any need at any time, the High-Yield Savings Account by Sallie Mae® is for you.1 This online account features no minimum balance, no monthly fees, a 10% annual match by Upromise on your Upromise earnings2, and automatic monthly transfers from your Upromise account (subject to $10 minimum transfer).

    Invest your earnings
    in a tax-deferred 529 Plan

    A little planning today can help make your children's dreams come true tomorrow. It's never too early to start saving for college or too late. With regular contributions and an appropriate investment strategy, you can save for college over time. With as little as $50, you can open a 529 Plan with Upromise Investments, Inc., a member of FINRA/SIPC, with seasoned financial investment advisors ready to help you.

    In addition, your Upromise earnings can be automatically transferred into your 529 account on a periodic basis, making saving for college faster and easier.3

    Grow and invest your earnings
  2. pay off student loans

    pay down existing Sallie Mae student loans.

    This is a great way to reduce your student loans. And it's easy with Upromise Loan Link®, a free service that lets you automatically transfer $25 or more each quarter from your Upromise account directly to your eligible Sallie Mae student loans.

    Look at the difference it could make. If you had $19,000 in Stafford loans, here's how much you could reduce your loan balance over time4:

    pay down existing Sallie Mae student loans
  3. Request a check for college expenses

    request a check

    It can be used for college and other expenses. This is an option to consider if you don't wish to invest your funds for the future or pay down a student loan.

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[1] Advertised Annual Percentage Yield for the High-Yield Savings Account is subject to change after opening. APY applies to personal accounts only. APY advertised is accurate as of Feb 8, 2010. While the High-Yield Savings Account requires no minimum balance, you must have funds in your account in order for your account to earn the APY. Fees could reduce the earnings on the account. Please refer to the Account Terms and Conditions Agreement for full disclosures.

[2] To be eligible for the 10% annual match on your Upromise earnings from Upromise you must link your High-Yield Savings Account to your Upromise Account and, within 90 days of opening your High-Yield Savings Account, either: (1) set up an Automatic Savings Plan with a monthly deposit of $25 or more, or (2) fund the account with $5,000 or more. Upromise will match 10% of your Upromise earnings posted as "funded" to your Upromise Account during the calendar year of January 1 through December 31. Your 10% annual match will be deposited into your High-Yield Savings Account in February of the following year provided that both accounts remain active and are in good standing at the time of transfer. Visit the FAQ's to Learn more. Upromise may change or terminate the 10% annual match offer at any time without notice. Other terms and conditions may apply. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.

[3] This hypothetical illustration assumes a $25 per month investment to the 529 plan and a $25 per year transfer from the Upromise account with an average rate of return of 4% annually and does not represent the return on any particular investment. Individual transfers will vary depending on spending habits and level of engagement in Upromise, and there is no guarantee that you will earn $25 through Upromise in a particular year. Investment returns are not guaranteed, and you could lose money by investing in a 529 Plan. The final account balance does not reflect any taxes or penalties that may be due upon distribution.

[4] To view whether or not a student loan is eligible to participate in the Upromise Loan Link program and how Upromise earnings are applied to student loans, please visit www.upromise.com/loanlink.