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529 Plans Can Help You Save for College

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A 529 college savings plan is a tax-advantaged savings program that helps you plan and save for your child's future education expenses.1

Using a 529 College Savings Plan

Many families like 529 plans because the money is set aside specifically for college-related expenses. Qualified withdrawals are tax-free and can be used for tuition, mandatory fees, books, supplies, equipment, and certain room and board costs.2

529 Plans and Financial Aid

529 Plan Features

  • Many state-sponsored plans offer a tax incentive to resident taxpayers1
  • You can generally enroll in any 529 plan, regardless of where you or your beneficiary lives3; for example, you could live in Massachusetts and enroll in a Nevada 529 plan
  • A student can use the money for qualified expenses at any eligible school in any state2
  • The plan’s portfolios are managed by professional investment companies
  • You can open an account in most plans online with a minimum contribution; a financial advisor can also open an account for you
  • Some "prepaid" plans let you pay for college at today's current prices to be used in the future

Explore 529 Plans by State

Upromise Can Add to Your 529 College Savings

As a Upromise member, you can transfer your Upromise cash back earnings into a 529 plan account to help your savings grow. You can:

  • Start by opening an account in a 529 plan sponsored by your home state or by another state
  • Contribute to your account regularly with individual contributions or by setting up an automatic investment plan
  • Link or transfer your Upromise account earnings into your 529 account and compound those savings over time4

If your 529 plan account isn’t eligible for linking, you can request a check from Upromise and contribute your earnings directly into your 529 plan account.

Investing in a 529 plan

The SSGA Upromise 529 Plan

The SSGA Upromise 529 plan is designed to be an affordable option to help families save for college over time. This plan, along with other eligible 529 plans, can be linked directly to your Upromise account so your cash back earnings are automatically transferred on a periodic basis.5

Start Saving for College Early with a 529 Plan

College may be expensive, but if you plan ahead it doesn't have to be out of reach. What's most important is to start saving right now. When you enroll in a 529 plan, you can get the contributions flowing — and you may be surprised at how they can add up!

As you can see in the hypothetical graphic below, a parent who saves $50 per month when their child is born and then stops at age 10, will save as much as someone who starts saving $50 per month at age 5 to age 18.

Investing in 529 Plan Early

Illustration assumes a rate of return of 4% annually with all interest and dividends reinvested. Parent 1 makes a $50 initial deposit when the student is born and continues to make $50 monthly deposits until age 10, and then stops making deposits until year 18. Parent 2 makes a $50 initial deposit when the student turns 5 and continues to make $50 monthly deposits until age 18.


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100% of Upromise funds are transferred into my kids’ 529 plans. Whenever I shop for business or personal online, I always log into Upromise.

- Sarah G., Upromise member

Before investing in any 529 plan, please consider whether your or the designated beneficiary's home state offers its taxpayers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. Investment objectives, risks, charges, expenses, and other important information are included in each 529 plan's offering statement; please read and consider it carefully before investing in a 529 plan.

When you invest in a 529 plan, you are purchasing municipal securities whose value may vary based on market conditions. Investment returns are not guaranteed, and you could lose money by investing in a 529 plan. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences.

1 The availability of tax advantages or other benefits may be contingent on meeting other requirements. Please consult your financial, tax, or other advisors to learn more about how state-based benefits and limitations would apply to your specific circumstance. You may also contact your home state's 529 plan(s), or any other 529 plan, to learn more about those plans' features, benefits and limitations.

2 Earnings on non-qualified distributions are subject to federal income tax and may be subject to a 10% federal penalty, as well as state and local income taxes.

3 Some 529 plans (like certain prepaid plans) may have residency requirements; be sure to check with the individual plan before enrolling.

4 Upromise earnings may be swept into 529 plans administered by Ascensus College Savings and is subject to minimum transfer amounts. For more information about 529 plans managed or administered by Ascensus College Savings, please call 1.877.529.29801.877.529.2980 or click here.

5 For more information about the SSGA Upromise 529 Plan ("the Plan”) download the Plan Description and Participation Agreement or request one by calling 800-587-7305. Investment objectives, risks, charges, expenses, and other important information are included in the Plan Description; read and consider it carefully before investing. Ascensus Broker Dealer Services, Inc. (“ABD”) is the distributor of the Plan.

The SSGA Upromise 529 Plan (“the Plan”) is administered by the Board of Trustees of the College Savings Plan of Nevada (“the board”), chaired by the Nevada State Treasurer. ABD serves as the Program Manager. ABD has overall responsibility for the day-to-day operations, including distribution of the Plan and provision of certain marketing services. State Street Global Advisors (SSGA) serves as Investment Manager for the plan except for the Savings Portfolio, which is manages by Sallie Mae Bank, and also provides and/or arranges for certain marketing services for the Plan. The Plan's Portfolio invest in either (i) Exchange Traded Funds and mutual funds offered or managed by SSGA or its affiliates; or (ii) a Federal Deposit Insurance Corporation (FDIC)-insured omnibus savings account held in trust by the Board at Sallie Mae Bank. Except for the Savings Portfolio, investments in the Plan are not insured by the FDIC. Units of the Portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the Portfolio you chose. Except to the extent of FDIC insurance available for the Savings Portfolio, you could lose all or a portion of your money by investing in the Plan, depending on market conditions. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.

Upromise is an optional service offered by Upromise, Inc., is separate from the SSGA Upromise 529 Plan and is not affiliated with the state of Nevada. Specific Terms and conditions apply to the Upromise service. Participating companies, contribution levels, terms and conditions are subject to change without notice. Transfers subject to a $25 minimum.