Upromise
Encyclopedia
Upromise, Inc. is an American
corporation
launched in April 2001, that is owned by SLM Corporation
, the parent of Sallie Mae. Upromise claims to be the largest private source of college-funding contributions in the United States, with $575 million accrued in members' Upromise "college savings accounts."
Upromise members accrue account credit on eligible purchases from grocery stores, online retailers, travel, restaurants and gas stations. Members can direct their earnings into a high-yield savings account or tax-deferred 529 plan, use it to pay down eligible student loans or request a check to spend the funds in any way they like -- the money is not required to be spent on college-related expenses.
Upromise is headquartered in Newton, Massachusetts.
The "529" college savings plans
are offered through Upromise Investments, Inc. (member of Financial Industry Regulatory Authority
(FINRA) and Securities Investor Protection Corporation
(SIPC)).
On August 23, 2006, Upromise was acquired by Sallie Mae.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
launched in April 2001, that is owned by SLM Corporation
SLM Corporation
SLM Corporation is a publicly traded U.S. corporation whose operations are originating, servicing and collecting on student loans.Managing more than $180.4 billion in debt for more than 10 million borrowers, the company primarily provided federally guaranteed student loans originated under the...
, the parent of Sallie Mae. Upromise claims to be the largest private source of college-funding contributions in the United States, with $575 million accrued in members' Upromise "college savings accounts."
Upromise members accrue account credit on eligible purchases from grocery stores, online retailers, travel, restaurants and gas stations. Members can direct their earnings into a high-yield savings account or tax-deferred 529 plan, use it to pay down eligible student loans or request a check to spend the funds in any way they like -- the money is not required to be spent on college-related expenses.
Upromise is headquartered in Newton, Massachusetts.
The "529" college savings plans
529 plan
A 529 plan is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary.- Overview :529 plans are named after section 529 of the Internal Revenue Code...
are offered through Upromise Investments, Inc. (member of Financial Industry Regulatory Authority
Financial Industry Regulatory Authority
In the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA) and Securities Investor Protection Corporation
Securities Investor Protection Corporation
The Securities Investor Protection Corporation is a federally mandated, non-profit, member-funded, corporation in the United States. It protects investors in certain securities from financial harm if a broker-dealer fails...
(SIPC)).
On August 23, 2006, Upromise was acquired by Sallie Mae.