Whether you are a student or a parent, it is important to be a step ahead and start saving for college tuition. There’s no escaping the fact that college tuition prices are increasing. Depending on the type of college, the average tuition price has gone up over $1,000 from 2009-2010. Average tuition fees for private 4-year colleges are over $25,000 a year. That’s over $100,000 for all four years. If you’re not smart about saving for the future, you could find yourself in digging into your loose coin collection to help pay children’s college.
Upromise is an online company that was started in 2001 which focuses on providing their members with additional source of college funding contributions. Members earn rebate or contribution from grocery, gasoline, and other purchases. They also earn additional rebate or contribution when they shop online through Upromise shopping portal. It is completely free to sign up and members can start earning rebates and contributions immediately. Members can use the funds they accumulated to pay for college tuition and pay down eligible studen loans. Upromise has contributed over $450 million to their members’ college savings accounts.
When a parent or guardian opens a Upromise account, they can register their child to the account and all the monies that’s earned can be used towards college tuition. The parent can also register their credit card or debit card and grocery membership card and every time those cards are used that the specified merchant, money is earned. The monies earned may not amount to much, but over the course of 15-20 years, it might be enough to help offset some of the total college costs.
Upromise will be even more beneficial to those who enjoy shopping online. By shopping through Upromise shopping portal, you earn additional rebates when making a purchase online. Since more people are shopping online nowadays, it only makes earning that much easier.
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Upromise is not even worth using. I made sure I used them for YEARS and accumulated money in the account. Sounds great, right? My child is in college and I went to cash it in. Guess what – they transferred to their 529 account that has LOST 80% of the money I had accumulated from purchases. It is not even worth the time and effort to shop through them.