Cutting College Expenses The Easy Way

February 16, 2010 by thinkhappy

Cutting College Expense the Easy Way

Upromise is a SallieMae college savings program that everyone paying or saving for college should know about and utilize. In partnership with over 700 online retailers, 8,000 restaurants and 22,000 grocery and drugstores nationwide, a percentage of the amount that you purchase from any of these companies will be rebated into your Upromise account. For online purchases through the Upromise shopping portal each participating retailer will give you back a percentage of your spending from 1-25%. When you register a credit card with Upromise for eligible gasoline, drugstore or food purchases at participating companies a percentage of that spending will also be funneled into your account.

With your Upromise savings you can accumulate money to pay for college-related expenses by opening a high-yield savings account and opening a 529 account where the interest will grow tax-free. You can also use the money to pay off existing student loans, or request a check to pay off a particular college expense.

A really cool feature is the ability to invite family members and friends to sign up with Upromise to contribute to your account, thereby harnessing the purchasing power of many people. In signing up with Upromise part of their gasoline, grocery, restaurant dining, travel and online spending would flow into your account and every day there are online coupon deals, discount coupon codes and super saver promotions by various retailers.

According to Upromise President David Rochon, only 5% of the population is able to pay for all anticipated college costs. Recent studies have shown that students graduating from a 4-year undergraduate program are carrying approximately $25,000 in government student loan obligations which have to be paid back-they cannot be discharged in a bankruptcy.

Now over 10 million people are members of Upromise. Parents can become members when their child is very young and start saving for college early and easily. The cost is FREE so getting everyone you know to participate is a no-brainer.

Written by Hollis Colquhoun

Learn more about Hollis Colquhoun

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