How to Join the UPromise College Savings Program
UPromise is a national college savings plan that allows members to save through conventional investments with 529 college savings plans managed through the Vanguard Group, while supplementing those funds through rebate rewards programs that earn college savings dollars on purchases. It also offers financial counseling and links to college loan providers.
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Instructions
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Go to the UPromise website (see Resources for the link).
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Enter the required fields in the “Join for Free” section.
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Set up a user name and password and fill in required fields that ask for pertinent personal information.
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Choose a beneficiary (or beneficiaries), such as your children or grandchildren. Enter the allocation amounts for each beneficiary.
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Set up a 529 plan (which gets its name from the Internal Revenue Service code section) for as little as $50 a month. 529 plans offer tax-deferred savings for college. You need not open a 529 plan to participate in other UPromise benefits. Visit the website listed in Resources for a full description of the 529 plan.
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Join in the rewards program. You can participate by signing up for a UPromise credit card or registering your existing credit cards. With authorization, you can also register the credit cards of other family members. Use your credit card when making purchases from participating companies to earn rebate rewards from 1 to 25 percent.
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Register as a preferred diner at participating restaurants to earn up to 8 percent of your bill toward college savings. UPromise members not registered in the dining program receive 4 percent at participating restaurants.
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Link your grocery and pharmacy cards to your UPromise account for additional savings. Participating companies offer UPromise contributions when you buy their products.
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Link your phone company to your UPromise account for additional benefits.
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Shop online at companies supporting UPromise and earn corresponding rewards. Even booking trips can earn you dollars when you order through sites such as Expedia. Check out the UPromise travel site for more information (see Resources).
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Tips & Warnings
You can link to as few or as many of the UPromise benefits as you like. In addition to those named above, UPromise runs periodic sweepstakes where members using the service are randomly chosen to receive cash rewards of up to $10,000.
Before investing in any college savings program, you should consult a financial planner or do your own research. The 529 college investment plans have risks as well as rewards, and although federally approved, they are administered on a state-to-state basis. Your individual state will have its own guidelines and restrictions.
