NEWTON, Mass., Sept. 8, 2009—Simply by spending smart, members of Upromise, Sallie Mae’s saving for college program, have earned a record $500 million in college savings. Upromise helps its members take control of rising college costs with the ability to earn money through eligible everyday purchases with Upromise partners. Savings can be used for past, present or future college costs, depending on an individual’s needs.
“Students and their families are often unsure of the cost of college and how to pay for it,” said David Rochon, president of Upromise. “Upromise helps them start planning and saving for college with tools, resources and the ability to receive money back in a college savings account when shopping smartly. Half a billion dollars earned through Upromise represents tuition and fees for 76,000 students to attend a public university and a tremendous start.”
A national study from Sallie Mae and Gallup found that the U.S. economic crisis has caused almost half of parents with college-bound children to decrease the amount they are saving or not to save at all. Upromise by Sallie Mae makes it easy for families to pursue a college savings goal.
Savings are accumulated when members shop at Upromise partners and purchase everyday needs such as gas and groceries, shop online at nearly 650 retailers, book travel, dine out and even buy a home or sign up for auto insurance. Every time members make eligible purchases, they earn back a percentage of what is spent with Upromise partners.
Some of the fastest ways Upromise members can boost their college savings far beyond the $500 million earned to date are:
- Apply for the Upromise® World MasterCard® credit card with Gas & Grocery Rewards and the Upromise® World MasterCard® credit card with Dining & Grocery Rewards—both enable consumers to earn cash back on everyday purchases.
- Download TurboSaver™, a free online savings reminder that alerts Upromise members of college savings opportunities, as well as coupons and deals when they book travel or shop online. TurboSaver also highlights Upromise partners in Google™ and Yahoo!® search results and notifies users of immediate savings opportunities. In addition, shoppers can sign up to receive daily deals through an RSS feed at shop.upromise.com/mall/rss.
- Shop Online through Upromise.com for immediate savings on purchases with coupons and free shipping offers, in addition to earning money for college when ordering from nearly 650 retailers.
- Invite Family and Friends to contribute their Upromise savings to a beneficiary’' account of their choosing. They can help a loved one save for college or help a recent graduate pay Sallie Mae student loan bills.
- Learn and Exchange Savings Tips. Anyone facing the challenge of saving, planning or paying for college can connect with like-minded members to share savings tips by joining Upromise's Community, becoming a fan on Facebook or following Upromise on Twitter.
For more information contact:
Debby Hohler (617) 454-6741 (Upromise by Sallie Mae)
Bethany Ciampa (617) 226-9950 (Upromise by Sallie Mae)
SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, is the nation’s leading saving, planning and paying for education company. Sallie Mae’s saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. Through its subsidiaries, the company manages $176 billion in education loans and serves 10 million student and parent customers. In addition, the company’s Upromise program has enabled 11 million members to earn more than $525 million in rewards to help pay for college. Its Upromise affiliates also manage more than $23 billion in 529 college-savings plans. Sallie Mae offers services to a range of institutional clients, including colleges and universities, student loan guarantors and state and federal agencies. More information is available at
www.SallieMae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
About Upromise by Sallie Mae
Launched in April 2001, today Upromise by Sallie Mae is a major, private source of college funding contributions in America, with over 11 million members and $500 million in member rewards. Membership is free and can help families save money for college while making everyday purchases of products and services at more than 21,000 grocery and drug stores, 10,000 gas stations, 8,500 restaurants, as well as hundreds of retail store locations, and over 650 online shopping sites. Upromise participating companies include Bank of America, ExxonMobil Corporation, Bed Bath & Beyond®, McDonald’s®, JCPenney.com, LandsEnd.com, Sears.com and hundreds of others. Upromise also makes it easy for families to start their own college savings strategy through tax-advantaged 529 college savings plans offered through Upromise Investments, Inc. or by using Upromise contributions to help pay down eligible student loans. For additional information, visit upromise.com.