Upromise College Savings

Upromise is a rewards program that makes it easier for families to save for college. Earn small cash back rewards for your everyday purchases (dining out or shopping online). These rewards get automatically transferred to your child’s college savings plan. Over time, small chunks of cash here and there can add up to thousands of dollars.

There are several plans that do use “Upromise” in their name. The information here is about about the free Upromise rewards program. The article discusses how to use Upromise to grow college savings through dining at participating restaurants, making online purchases, booking travel, taking surveys, and other online tasks.

This is only one part of the college savings puzzle which may include loans, financial aid, scholarships, and direct payments. With the cost of college skyrocketing and student loans causing so many bankruptcies, it is important to find every possible way to create additional college savings.

Every dollar that you save now is a dollar your child will not have to borrow later.

Is Upromise Still Around?

You bet it is! Upromise has a long history and has changed over the years and it’s going stronger than ever today.

Upromise, Inc. was founded in 2000, shortly after 529 plans were legislated by Congress. In 2001, the Upromise Rewards program was introduced. Over the next decade, Upromise evolved in its offerings and services and changed ownership hands.

In 2020, Upromise was purchased by Prodege, LLC.

As of 2022, Upromise has helped families save over $1 billion for college. Upromise users can earn money for college by shopping online, dining out, taking surveys, trying new products and services (including apps), scanning receipts, and completing other online tasks and micro-tasks.

Each month, Upromise gives away thousands of dollars in scholarship funds to its members. Every month, 5 Upromise members earn a scholarship of $529.

Is Upromise a 529 Plan?

Until June 2023, there was a 529 plan (now known as Future Path 529 Plan) that contained “Upromise” in its name: Nevada’s SSGA Upromise 529 Plan. That SSGA Upromise 529 Plan was not affiliated with the Upromise Rewards Program. But that Nevada plan is eligible to be linked to an active Upromise Rewards account.

The former Nevada SSGA Upromise 529 Plan was administered by the Board of Trustees of the College Savings Plans of Nevada. Ascensus Broker Dealer Services, LLC served as the Program Manager and oversaw all day-to-day operations. State Street Global Advisors (SSGA) served as the Investment Manager for the Plan, except for the Savings Portfolio that was managed by Sallie Mae Bank.

The Upromise Rewards Program allows you to link to existing 529 plans to boost your college savings by simple and easy actions. There’s no budgeting or cost-cutting required to save for college with Upromise. Make your regular, everyday purchases online and dining out. Earn cash back rebates for these actions, and those cash back amounts get transferred to your college savings plan.

In addition to dining out and shopping, you can earn money with Upromise by using the Upromise Mastercard, taking surveys, playing games, trying new products and services, scanning receipts, and doing any number of online micro-tasks.

How Do I Link Upromise to 529?

Linking your Upromise account to a 529 college savings plan gives you bigger rewards plus a bigger welcome bonus when you create a new account. It is very easy to link the accounts and you can link more than one savings plan if you would like.

Here are the steps for linking your 529 plan to Upromise:

  • Log in to your account and find your profile at the top right of the home page.
  • Click “Add new account”.
  • Choose your 529 plan from the drop-down menu.
  • Add in the requested information making sure that you fill in all required fields.
  • Submit the completed form.

You will be required to confirm this information by email before the accounts are officially linked.

Are Upromise Deductions Tax Deductible?

In general, with both the direct plan and the rewards plan, the principal deposited, the rewards earned, and the funds that are transferred from these accounts are not subject to federal or state tax, but there are always exceptions.

Please consult with a qualified tax professional in your state for federal and state tax advice.

How Do I Withdraw Money from My Upromise Account?

Money that is earned through the Upromise Rewards Program is automatically transferred to your account in the first week of the month.

You must meet a minimum amount to have a transfer. For transfers to a 529 plan, the balance must be at least $50. If your account balance does not meet the minimum threshold, the balance will be carried forward to the following month. Once your account has at least $50 in it, a transfer will be made during the first week of the next month.

Where is My Upromise Money?

Rewards that are earned are posted as they are verified. Once you meet the minimum, transfers are made to your account. If you want to know how the transfer is going you can do so through your Upromise account.

  • Log in and go to the “Rewards Page”.
  • Select “Transferred”. This will let you see your latest transfers.
  • Click on the transfers to get an updated view of its current status.

Transfers are usually completed within 1 week. Some transfers may take longer, including some that may take as long as 45 days.

How Do You Verify Your Upromise Account?

There are several times that you will be asked to verify your account with Upromise including when you start your new account, when you link a college savings plan to the account, and before you receive the first transfer.

Verification is typically done by email. You may be asked to respond in some way to the email to confirm that you are the person in charge of the account.

Is Upromise Worth Doing?

Saving for college and the related expenses can be difficult. But Upromise can help you take a huge bite out of those costs.

Cash back rewards fromm Upromise are not going to (likely) fund an entire college education. But every dollar helps. And Upromise can help you save thousands of them.

Since you are earning rewards on everyday purchases both in stores and through the online shopping portal, you are not going out of your way. It’s how to get free money for money you were already about to spend.

Final Thoughts on Upromise College Savings

Upromise provides rewards that boost your college savings.

With automatic transfers and no minimum contribution levels, Upromise gives you the easy rewards and flexibility that can make saving for college a little easier and a little less stressful.

With virtually no effort (or willpower), Upromise lets you squirrel away hundreds or thousands of dollars every year for your kids’ college savings.

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