Upromise
From Wikipedia, the free encyclopedia
 |
This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (April 2008) |
| Upromise, Inc. | |
|---|---|
 |
|
| Type | |
| Founded | April 2001 |
| Headquarters | Newton, MA, United States |
| Key people | president David Rochon, founder Michael Bronner, |
| Website | www.upromise.com |
| Launched | 2001 |
Upromise, Inc. is an American corporation launched in April 2001. Upromise is the largest private source of college funding contributions in the United States. To date, Upromise has helped 8 million plus members save $400 million in member rewards.
Membership receive contributions when making everyday purchases of products and services at more than 21,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurant, as well as thousands of retail stores, and more than 575 online shopping sites. Upromise partners include CVS/pharmacy, Citicorp, ExxonMobil Corporation, Bed Bath & Beyond, McDonalds, JCPenney, LandsEnd, Sears, Itunes, Equifax, and hundreds of others. Upromise also allows members to start their own college savings strategy through tax-advantaged 529 college savings plans offered through Upromise Investments, Inc., or by using Upromise contributions to help pay down eligible student loans.
Upromise is headquartered in Newton, Mass., and has more than 350 employees.
The "529" college savings plans are offered through Upromise Investments, Inc. (member FINRA/SIPC), with investment management by The Vanguard Group.
Upromise provides marketing services and incentives to establish brand loyalty in college students and their families on "everyday" purchases. Those who already 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. Upromise actively solicits college students and their families to join its program through direct mailings, tabling at colleges, fliers, and advertisements in periodicals.
On August 22, 2006, Upromise was acquired by Sallie Mae.
[edit] Controversies
Upromise also advertises for companies that do not contribute to members accounts, such as Amazon.com. There is speculation that Upromise does this for financial gain rather than for its members.[citation needed]
