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General


  This sounds too good to be true. What's it going to cost me?

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.

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.

  Who can be a Upromise member?

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.


  Is this only for people with kids who haven’t attended college yet?

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.


  Can I still save with Upromise if the person I’m saving for wants to go to a trade, vocational, graduate, medical, or law school?

Yes, you can. Not a problem. You can use a Upromise account to help you save for any educational goal.


  Can I save my cash back earnings for more than one person?

Yes. We have many members who are helping multiple children, grandchildren, family, and friends save for college.


  What’s a Upromise account?

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


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

No. Your Upromise earnings accumulate without interest in your Upromise account.

However, you can transfer your earnings into a Upromise GoalSaver Account, a savings account that helps you set, visualize and track your progress. Or you can request a check to invest on your own.


  Do you have to use your savings for college or education?

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.


  Is a Upromise account the same as a 529 plan account?

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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1 Upromise GoalSaver Accounts are offered through Sallie Mae Bank, Member FDIC.

2 Cash rewards will post to Upromise GoalSaver Account(s) in the form of interest payments and is subject to taxable income rules. Each cash reward program is subject to individual eligibility requirements:

  • 10% Match on Upromise Rewards: To be eligible for the 10% annual match on your Upromise earnings from Upromise, you must link your Upromise GoalSaver Account to your Upromise Rewards Account and either: 1. Within 90 days of opening your Upromise GoalSaver Account, make your first of at least 10 externally funded credit/deposit transactions into the Upromise GoalSaver Account and complete at least 10 externally funded credit/deposit transactions within the anniversary year or 2. Within 90 days of opening your Upromise GoalSaver Account, fund your Upromise GoalSaver Account with $5,000 or more and maintain an average daily balance of $5,000 or more during the 12 months from Account opening. Should you fail to meet the requirements during the anniversary year, you will have the opportunity to become eligible for the 10% match in additional years if, by your anniversary date, you (a) link your Upromise GoalSaver Account to your Upromise Rewards Account, and (b), you either meet the $5,000 average daily balance minimum funding requirement, or you meet the 10 externally funded credit/deposit requirement in the anniversary year. If you qualify for the 10% match based on having the average daily balance of $5,000 in your Upromise GoalSaver Account, you must maintain that average balance in your Upromise GoalSaver Account for the duration of the anniversary year for which your transferred earnings will be matched. Once you complete the steps above, Upromise will match 10% of your Upromise earnings that you transfer from your Upromise Rewards Account into your Upromise GoalSaver Account during each anniversary year. Your match will be deposited into your Upromise GoalSaver Account within 60 days after your anniversary date, provided that both Accounts remain active at time of transfer. Please refer to GoalSaver FAQs for additional information.
  • Annual Bonus: $10 Annual Bonus will post to your Upromise GoalSaver Account within 60 days of the completion of each anniversary from the date your Account was opened. To be eligible for the bonus each year, you must have a recurring deposit post at least 10 out of the 12 months in an amount not less than $10 each deposit and your Account must be in an open status at the time of bonus posting.
  • Loyalty Bonus: $100 will post to your Upromise GoalSaver Account within 60 days of the completion of the 3rd year anniversary of when your Upromise GoalSaver Account was opened. To be eligible the Upromise GoalSaver Account must maintain at least $0.01 up until the day before the 3rd anniversary date, a $5,000 balance must be reached by and remain in the account on the 3rd anniversary date and the Upromise GoalSaver Account must be in an open status at the time of bonus posting.

We reserve the right to modify or discontinue features, benefits and services including cash rewards and bonuses at any time without notice. Other terms and conditions may apply. Upromise Rewards Accounts are not FDIC insured, carry no bank guarantee and may lose value. Please visit Upromise.com for most up-to-date product features.

3 Only the borrower can link Upromise and loan accounts. Not all loans may be eligible for linking. Please visit Upromise.com/loanlink for details. Upromise account balances of $10 or more will be automatically transferred on a monthly basis to the linked loan account. For multiple linked loans, Upromise earnings will be allocated at the sole discretion of Upromise and Sallie Mae. Access to Upromise is not limited to Sallie Mae and Navient loan customers.

4 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.

5 For more information about a 529 Plan, obtain the Plan's Disclosure Statement, which includes objectives, risks, charges, expenses and other important information; read and consider it carefully before investing. Before investing in any 529 Plan, consider whether your or the beneficiary's home state offers a 529 Plan that provides its taxpayer with favorable state tax or other benefits that are only available through investing in the home state's 529 Plan. Investment returns are not guaranteed and you could lose money by investing in a 529 Plan.