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

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.

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

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.

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.

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).

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.

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.