Upromise College Fund

What is Upromise?

Upromise is a service that rewards loyal shoppers by depositing a percentage of their qualifying purchases in a 529 College Savings Plan for the child of their choice. There is no charge to register, and you can arrange to have your contributions split between two or more children if necessary. Parents can also invite grandparents, aunts, uncles, or other interested individuals to help contribute to their child’s college fund by using the Upromise system.

Upromise was founded in 2001 by Michael Bronner, chairman emeritus of Digitas, a leading marketing services firm. His interest in helping to make higher education more affordable came from his own struggles trying to pay for college as a middle-income student with minimal financial aid.

Using a Upromise College Fund

Using Upromise to add to your child’s college fund is a fairly simple process.

Online Purchases

When you need to make an online purchase, simply log into your Upromise account and follow the site’s shopping links to the retailer of your choice. A number of popular retailers are listed, including Buy.com, Shutterfly, Newport News, eToys, and Overstock.com. Following the links from the site is necessary to make sure Upromise is able to track your purchases; you won’t get any credit if you type the store’s address in directly.

When you’re on the store’s Web site, order your items as you normally would. You’ll see your contribution deposited in your Upromise account within 10-to-60 business days, depending upon the retailer. Contributions can range from one percent to as much as 25 percent of your total purchase.

Grocery Store Purchases

If you don’t shop online on a regular basis, you can still earn money for a Upromise college fund by buying certain items at your local grocery store. This includes kid-friendly products such as Brach’s Fruit Snacks, Musselman’s Apple Sauce, and Johnsonville Breakfast Sausage. Certain personal care products, such as BIC Razors and Children’s Motrin, are also included in the Upromise promotion.

Dining

Upromise offers contributions on meals purchased from qualifying restaurants when you use a registered credit card to pay for your meal, but members in smaller communities may find a limited selection of options available.

If your family frequently dines at McDonald’s, consider purchasing McDonald's Arch Cards and gift certificates for this purpose. You can’t earn contributions on standard McDonald’s purchases as part of the Upromise dining program, but Arch Cards and gift certificates are eligible for a one percent reward.

Travel

Using Upromise-affiliated companies to plan your vacation can earn you a significant contribution to your child’s college fund. You’ll earn cash back rewards on hotels, flights, and rental car purchases made through companies such as Travelocity, Expedia, and Priceline.

The Upromise Credit Card

Once you become comfortable using the Upromise system as part of your child’s college savings plan, you may decide to apply for the Upromise credit card as well. Using the card to make purchases adds extra percentage points to your Upromise contributions, helping your college savings grow even faster.

Helping Your Child’s College Savings Grow Even Faster

While starting a Upromise college fund is a great way to put money away for educational expenses, it’s a good idea to get in the habit of making your own 529 College Savings Plan deposits as well. When you create your Upromise account, you’ll receive enrollment papers and deposit slips from the 529 Plan you select. This will allow you to contribute money beyond the rewards you receive from Upromise.

Here are a few savings ideas to help you get started:

• Save your spare change in a large glass jar. When the jar is full, write out a check for that amount as a 529 Plan deposit.
• Instead of having everyone bring several expensive toys for your child’s birthday party, limit the total number of gifts and put the excess money in your child’s 529 Plan.
• Make a family rule that your child must save a portion of his or her allowance for future educational expenses.

Learning More About 529 Plans

If you have questions about how a 529 College Savings Plan can help you prepare for your child’s educational expenses, LoveToKnow Save recommends visiting the following helpful links:

• An Introduction to 529 Plans
• How 529 Plans Work
• 529 College Fund Info: Tips for Choosing the Right Plan
• 529 Plan FAQs

Additional LoveToKnow Resources

To learn more about preparing scholarships, grants, and financial aid, visit LoveToKnow College.