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Is Upromise a 529 plan?

Jun 21, 2012

UPromise is rewards program you sign up for that allows you to accumulate money to use for college or paying off student loan debt. It's not a 529 College savings plan.

How does the program work?

Upromise has its own website where you can earn rewards by making purchases through its portal. They have a list of over 600 online retailers who are partnering with Upromise to save you money and add to your college savings. The cash back rewards range from 1% to 25% depaending on the purchase and the store. Large stores like eBay, Target, Walmart, and JC Penny all have joined with UPromise. Also the Home Depot, The Apple Store, Dell, Verizon Wireless, and Macy’s are all on board with UPromise.

You an also register your credit and debit cards to earn cash rewards. Some restaurants that participate can earn you rewards of up to 8%. If you use your registered debit or credit card at Upromise program restaurants your earning a high percentage reward. Imagine over the years by just dining out 8% of the total is going into your account.

You can also use your Upromise at your grocery store, supermarket, and drug store. You can even just register your grocery or drug loyalty cards with Upromise and even use cash on purchases.

The best yet, you can register your friends to your account and earn rewards on their purchases.

How can I redeem my my earned rewards?

  • Deposit your cash back into a 529 education investment account for you or a family member. 
  • Transfer your cash back to your student loan to help pay off your debt. 
  • Move your rewards to a Sallie Mae high-yield savings account. 
  • Request your rewards to be sent to you in the form of a check.

Got further questions? Catch me on twitter and DM me @529SavingsPlans or e-mail me at 529CollegePlans at Want to be heard? Leave a reader comment below.

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