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@tksjewelry: Wow! I have never heard of the UPromise Plan. Thanks for the info! It goes to show how things add up!
I have not heard of it either, but I just signed up! Thank you so much for the info!
wow! thanks! this is great! does any one else have information about the upromise plan?
The UPromise plan can also be used to pay down your Sallie Mae serviced student loans.
You can use UPromise for yourself or children that are already born even if they aren't yours (I have one for my niece), but I don't think you can set up an account for a future child (someone correct me if I'm wrong). UPromise makes quarterly transfers to an account - in most cases a 529 or other education oriented investment account. You need a social security number for the beneficiary of the account (if not yourself) in order to set one up and you can't get a ssn until you are born.
The only work around I know would be to set one up in your own name because if you choose not to use the funds, they can be transferred to an immediate family member so I would think you could transfer it to your future children someday.
That said, UPromise is a great way to save money that you don't even think about. You just register any credit or debit cards you use, plus all of your store cards (totally regional, but like a CVS Rewards card, Duane Reade Card, grocery store card, etc) and UPromise credits you for qualifying purchases. Also be sure to shop through their site if you shop online, you get 1% of some airline purchases, a % at the Gap, etc...
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Beekeeper
I just transferred a plan over for my step son last night and I have not seen it mentioned before on the boards so I thought I would pass it along.
The UPromise plan is a free plan that you can sign up for to use for college for your children. You have probably seen the symbol on the outside of your McDonalds bag or alot of the foods you buy at the store. Everytime you purchase one of the products and register the product online, the products company places a percentage of the sale into your UPromise account. There are alot of large companies that will do this also. When we got our life insurance we got $100 credit for each policy. I always check the web site when I make a major purchase to see if they offer a credit.
I have had everyone in my family and alot of friends save their receipts for me and I log them religously every week. Right now, my step son has just under $10,000 in his college account and it cost us nothing.