Earn an Easy A in College Savings 101 with Sallie Mae’s National College Savings Month Syllabus

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Free Tips, Tools, and Resources Help Families Ace College Savings

Get Extra Credit by Opening a Upromise GoalSaver Account During
September

NEWARK, Del.–(BUSINESS WIRE)–Before the back-to-school calendar fills up, remember September is
National College Savings Month, the perfect time to add another course
to the fall schedule: College Savings 101. Sallie Mae — the nation’s
saving, planning, and paying for college company — has a syllabus of
dollars-and-sense strategies to help families ace
their college savings
. And, for extra credit, Upromise
by Sallie Mae
is offering a cash bonus to new customers who open a Upromise
GoalSaver
account during the month of September.


“Our research shows American families believe a college education is
more important than ever, but not enough are saving money for it,” said
Martha Holler, senior vice president, Sallie Mae. “National College
Savings Month reminds families about the importance of saving for
college, and we’ve got tips, tools, and resources to simplify the
process and help them get started on the road to savings success.”

     
Here is Sallie Mae’s course syllabus for College Savings 101:
 

1.

Get started. Designate a savings account specifically for a
college fund, and get in the habit of contributing to it
regularly. It’s never too early or too late to start; “how often”
is more important than “how much.” A little bit added every month
can become a meaningful amount over time.

 

2.

Put savings on auto-pilot. Set up direct deposit to
automatically transfer a portion of each paycheck to the college
fund.

 

3.

Set a goal. The goal can be a dollar amount, a percentage,
a timeframe, or a combination. Families can use Sallie Mae’s College
Planning Calculator
to research expected college costs; factor
in other considerations, such as the number of years until college
starts; and build a long-term customized savings plan to fit their
goals.

 

4.

Use cash-back rewards programs to fuel your savings faster.
Look for programs like free-to-join Upromise
by Sallie Mae
that let members deposit cash-back earnings
directly into a college savings account. Upromise
by Sallie Mae
members can receive cash-back rewards by making
online purchases at more than 850 retail partners, dining at more
than 10,000 restaurants, and booking trips with travel partners
like Travelocity and Expedia.

 

5.

Use a goal-based savings account. A Upromise
GoalSaver
account, for example, takes dollar amount goals and
deadlines, calculates how much must be saved each month to reach
the goal, and allows families to track their progress. Families
can set up multiple goals in a single account, an advantage for
those who prefer to set separate goals for tuition, books, living
expenses, and other college costs.

 

New Upromise
GoalSaver
customers who open an account during the month of
September will receive a $10 National College Savings Month bonus
along with the robust benefits GoalSaver already offers, which
include a $10 annual bonus for account holders who use direct
deposit, and a $100 loyalty bonus for those who maintain a balance
and save at least $5,000 by the third anniversary of the account
opening. In addition, GoalSaver account holders who are also
members of Upromise
by Sallie Mae
are eligible to receive a 10
percent match
on the cash-back rewards they earn. Upromise
GoalSaver
accounts are FDIC-insured, have no fees, and feature
a competitive variable interest rate, currently 0.85 annual
percentage yield (APY).

 

6.

Invest in a tax-advantaged account like a 529 college savings
plan.
In many states, a 529 plan can be opened with as little
as $25. In addition to tax benefits, many 529 plans offer matching
grant programs, and some offer scholarships. Learn more about 529
plans and other types of tax-advantaged, dedicated college savings
plans at salliemae.com/savingforcollege.

 

7.

Get creative. When gift-giving occasions arise, ask for
contributions to the college fund instead of a more traditional
gift. Upromise
members can link their cash-back rewards to a college savings
account.

 

Get more saving-for-college ideas when Sallie Mae and America
Saves
, an arm of the Consumer
Federation of America
, co-host a Twitter chat on Sept. 12 at 2 p.m.
EDT. Use hashtag #CollegeSavings.

For more information about Upromise
GoalSaver
or to open an account and earn the National College
Savings Month $10 bonus during September, visit UpromiseGoalSaver.com/NCSM.
For more information about saving, planning, and paying for college,
visit SallieMae.com/plan-for-college.

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.

Contacts

Sallie Mae
Ellen J. Roberts, 302-451-0428
ellen.roberts@salliemae.com