What is Upromise? Upromise
is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
The beauty of the program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.
What Is Upromise?
It is not a college savings plan (like a 529 College Savings Plan). It does not see tax deferred growth. However, what the program does offer is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
How Upromise Works
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards.
Many stores link your Upromise account with your loyalty card. You can also get up to 8% back from participating restaurants when you pay with a credit card or debit card that you have registered on the Upromise website. There are over 8,000 restaurants to choose from including many nationwide chains like Subway.
