Companies’ Partnership Facilitates Significant Boost in 529 College
NEWARK, Del.–(BUSINESS WIRE)–Ascensus
College Savings and Sallie
Mae are pleased to announce that Upromise
by Sallie Mae members have collectively contributed $250 million of
Upromise cash back earnings into their Ascensus 529 college savings
accounts. Ascensus has partnered with Upromise by Sallie Mae since 2002
to offer account holders the opportunity to boost contributions to their
college savings accounts through the Upromise program.
“We recommend that families follow a 1-2-3 approach to saving for
college and that means first, opening a savings account; second, setting
a goal and regularly contributing money; and third, exploring
tax-advantaged options like a 529 college savings plan,” said David
O’Connell, president, Upromise by Sallie Mae. “It’s encouraging to see
many of our members effectively using their Upromise cash back to
further boost their college savings.”
Upromise by Sallie Mae is free to join and its members have earned more
than $900 million in cash back for college. The program allows families
to earn cash back for college on everyday purchases from more than 850
online partners, 10,000+ restaurants, and top travel and hotel sites. In
2014, Upromise members making contributions to their 529 plan saved an
average of $250.
“Through this partnership with Upromise by Sallie Mae, we’ve enabled our
529 account holders to turn everyday expenses into impactful college
savings,” said Jeff Howkins, president of Ascensus College Savings. “Not
only have 529 college savings plan owners been able to witness continued
account growth, they’ve also seen firsthand the value of saving small
amounts on a regular basis.”
Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and
paying for college company. Whether college is a long way off or just
around the corner, Sallie Mae offers products that promote responsible
personal finance, including private education loans, Upromise rewards,
scholarship search, college financial planning tools, and online retail
banking. 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.
Ascensus is the largest independent retirement and college savings
services provider in the United States, helping over 6 million Americans
save for the future. With more than 30 years of experience, the firm
partners with financial institutions to offer tailored solutions that
meet the needs of financial professionals, employers, and individuals.
Ascensus specializes in recordkeeping, administrative, and program
management services, supporting over 40,000 retirement plans and over
3.3 million 529 college savings accounts. It also administers more than
1.5 million IRAs and health savings accounts and is home to one of the
largest ERISA consulting teams in the country. For more information
about Ascensus, visit www.ascensus.com.