From shopping for groceries to dining out at your favorite restaurants, everyday activities can turn into money for college, says David Rochon. Jean talks with David, president of Upromise Inc., about how the service can help families save for college or pay down student loans.
Upromise is a loyalty program aimed at helping individuals save for college, as well as a resource for learning about college savings options. Members enrolled in the program earn rewards by making eligible purchases, such as buying gasoline, dining out or buying a home.
Money earned through the program goes into a trust account in your name or your child's name, David says. To earn more money, members have the option of linking their Upromise account to a 529 account—a college savings plan—and having money automatically transferred on a quarterly basis from the Upromise trust account into their investment account.
Additionally, David says members can request to have their Upromise checks sent directly to them so they can deposit them into an investment account of their choosing or use the money to pay off student loans.
Regardless of how members choose to use their Upromise savings, David says the mission of the program is to encourage families to save early and often, especially when it comes to education. "Upromise is never meant to foot the bill; it's meant to be a jumpstart, a helping hand and a means which you can make everyday life count," he says.