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.