SLM Corp.’s Upromise college savings program has reached $500 million in tuition assistance, the student lender said.
Sallie Mae (NYSE: SLM) launched the program, which lets members earn money toward tuition by shopping at participating retailers, in 2001. It says the program now has 11 million members.
“Upromise helps [students and family] start planning and saving for college, with tools, resources and the ability to receive money back in a college savings account when shopping smartly,”
Upromise President David Rochon said. “Half a billion dollars earned through Upromise represents tuition and fees for 76,000 students to attend a public university and a tremendous start.”
The program now has about 40,000 retailers, gas stations and restaurants as partners, as well as hundreds of online retail shopping sites. When members spend money at participating retailers, a portion of what they spend is credited to a college savings account.