Upromise
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Upromise, Inc. is a for-profit, privately held American corporation that provides marketing services and incentives to establish brand loyalty in college students and their families. Upromise actively solicits college students and their families to join its program through direct mailings, tabling at colleges, fliers, and advertisements in periodicals. The free program earns members rebates on purchases of select brands at participating retail stores and services. The rebates can be applied towards educational savings accounts or directly to student loans. Upromise's clients include America Online, Citicorp, Coca-Cola, Exxon Mobil, Kellogg Company, Kimberly-Clark, McDonald's, SBC Communications, JCPenney, Lands' End, Sears, among others.
The 529 college savings plans are offered through Upromise Investments, Inc. (member NASD/SIPC) with investment management by The Vanguard Group. Upromise is headquartered in Needham, Massachusetts and employs about 300 people. There are currently over 7.4 million Upromise members.
Upromise's marketing emphasizes that it provides saving on "everyday" purchases. Those who already do purchase participating brands may experience savings as well as tax advantages through the program. However, the nature of the program is designed to encourage brand loyalty for the company's clients.
On June 1, 2006, Upromise announced it was being acquired by Sallie Mae.
