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Financial Fitness
Free Money for College
By Kendeyl Johansen
The companies that have teamed up with Upromise hope to foster customer loyalty by paying the rebates and an administrative fee. "Upromise adds a whole new dimension to the relationship of a company to customer," Doyle says. "Will you buy a car you don't need because of Upromise? No. But will you go to a GM car dealer when you know the purchase will benefit your child? Absolutely."
The savings from rebates can add up; however, don't rely on this account to pay your whole college bill. Upromise estimates that a member with a total household income of $70,000 and a newborn child could save $10,029, but according to Collegeboard.com, the current cost for in-state public college is $11,976 and private college is $26,070.
To help parents grow their accounts, Upromise plans to add more companies offering rebates along with a new "gifting" feature. "We're expanding into gifting so that friends and family can give the gift of college instead of cash that may disappear into an arcade," Doyle says. This feature will work like a gift certificate from a retail store, allowing monetary gifts to deposit directly into a 529 plan.