Upromise by Sallie Mae increases cash back for March bonus college savings month

NEWARK, Del.--(BUSINESS WIRE)--

This month, Upromise by Sallie Mae has increased cash back to help families, college students, and recent grads save and pay for college. During March Bonus College Savings Month, Upromise members can earn 7 percent or more cash back on their online purchases at more than 300 retailers such as Macys.com, Lands' End, jcpenney.com, and ProFlowers. In addition, Upromise World MasterCard holders can earn up to 20 percent cash back from a different online retailer each week.

“It's essential for families to have a plan to pay for college, and that plan includes saving,” says Erin Condon, vice president, Sallie Mae. “Only half of families are saving for college. Upromise is an easy way to start or supplement saving and, this month, families can save even more at Upromise.com.”

Sallie Mae offers the following advice to families saving for college:

Estimate the cost of the full degree. When estimating the cost of college, it's important to consider the cost of the full degree, rather than one year at a time.

It's never too early or too late to save. You can still take action if you didn't start saving the moment your child was born. Working together, even high schoolers and their parents can start saving to better prepare for college expenses.

Earn extra cash for college. Upromise by Sallie Mae can provide cash back through online purchases at major retailers, dining out, buying gas, shopping with the Upromise credit card or even buying or selling a home. Upromise is free to join, and members have earned more than $800 million that can be used toward college savings. Cash rewards can be invested in an eligible 529 plan, used to help pay down an eligible student loan, transferred into a Sallie Mae High-Yield Savings Account or withdrawn by check.

Put savings on auto-pilot. Set up an automated savings plan in an account specifically for college. Contributions of as little as $25 per month into a Sallie Mae High-Yield Savings Account or a 529 college savings plan can add up faster than you think.

Share your savings tips for a chance to win $500. Throughout Bonus Savings Month, Upromise will host a Facebook contest offering a chance to win $500 in your Upromise account. Participants are eligible to win when they “like” the Upromise Facebook page and share a college savings tip between now and March 21. For more information, please visit Facebook.com/Upromise.

Sallie Mae SLM is the nation's No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for American families, today serving more than 25 million customers. With products and services that include Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.