Saving money for college can be a difficult task whether you are a student looking to start, or a parent saving for your child’s college education.
Luckily, there are programs that can assist families who are looking for ways to pay for higher education. Upromise is a company that does just that. They use the familiar concept of cash back rewards to help saving for college education.
How can I earn with Upromise?
Once you become a Upromise member, there are various ways that you can use the program to start saving money for college. One of the easiest ways is through their online shopping portal where you can shop through 600 online stores including large names like Target, Wal-Mart, and Dell. You can earn cash back rewards from 1% all the way to 25% of the purchase price.
You can also gain cash back rewards by registering your current credit or debit cards. When you make a purchase using your connected cards with a Upromise participant you will earn cash back. The best ways to earn is through the restaurants you go to. Using your connected credit or debit card can net you up to 8% of the meal cost.
Are there other methods to save?
In an alliance with Bank of America, Upromise also created two different credit cards to maximize cash back potential and help you earn more money for college. One of the cards gives cash back rewards on gas and grocery purchases while the other focuses on restaurants and groceries. Using either card can earn over 10% of the purchase price as cash back.
How do I withdraw my earnings?
Upromise offers various methods to withdraw your funds, even if you aren’t saving money for college. The various ways to use your savings are by:
- Transferring the balance to pay off a current student loan
- Having the savings sent via check
- Move your savings into a high-yield savings account (offered thru Sallie Mae)
- Have your rewards deposited into a 529 account
While the products offered on Upromise may be of a higher-end variety (for example, purchasing name brand cereal instead of store brand), having the savings automatically deposited into an account can be helpful for those without proper saving habits. In the end, it is worth a try. There’s no huge downside to using Upromise—worst case scenario is that you don’t save very much—and since you might buy some of the products anyway, you might as well save for college while you shop. :)
About Jason Price