With a Upromise account you’ll be earning cash back and saving for college while buying and doing the things you would anyway. There are no costs or fees other than what you’re buying.
You’ll just need to make some simple changes to how you buy things, like starting your online shopping at Upromise.com or using the Upromise MasterCard®.
The cash back you earn comes from Upromise partners—online stores, restaurants, grocery stores, drug stores, travel sites, and more—who give a percentage of whatever you spend with them, back to you. Why? Two reasons.
- They believe in the power of education.
- It's good business; through Upromise, they develop relationships with our Upromise members who are motivated to choose them.
Any U.S. citizen or person living in the U.S., or its territories, who’s of legal age in his or her state of residency (generally 18 to 21, depending on the state) can be a Upromise member.
A Upromise account is for just about everyone. It’s great to start saving for college early, but there are ways to take advantage of Upromise even if your student is older.
If you're in college, you can use your earnings to help pay for the expenses you have now. If you’re a college graduate, you can use your earnings to help pay down your eligible student loans. Or use the money to pay for classes you need to make a career change, upgrade your skills, get a certification, learn a language, or go back to school.
Yes, you can. Not a problem. You can use a Upromise account to help you save for any educational goal.
Yes. We have many members who are helping multiple children, grandchildren, family, and friends save for college.
When you join Upromise, you open a Upromise account. Once you’ve started making purchases with our partners, your cash back earnings from those purchases are automatically deposited in that account.
Your Upromise account does not earn interest, but you can easily transfer your earnings to other accounts to grow your college savings. For example, you can link your Upromise account to a Upromise GoalSaver Account1 that earns interest and a 10% annual match on your earnings.1,2 Or link your Upromise account to an eligible student loan to help pay it down.3
No. Your Upromise earnings accumulate without interest in your Upromise account.
Upromise was created to help families save and pay for education. However, you can use your earnings any way you’d like. It’s your money.
No. Your Upromise account is a non-interest bearing account.
A 529 plan is an education savings plan with investment options that is tax-advantaged.4,5 If you want, you can absolutely transfer your Upromise account earnings into an eligible 529 plan account so they can be professionally managed and enjoy growth potential.
When you invest in a 529 plan you’re purchasing municipal securities whose value varies with 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.
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