Upromise
Upromise, Inc. is an American corporation that provides marketing services and incentives to establish brand loyalty in college students and their families. Upromise actively solicits college students and their families to join its program through direct mailings, tabling at colleges, fliers, and advertisements in periodicals. The free program earns members rebates on purchases of select brands at participating retail stores and services. The rebates can be applied toward education savings accounts or directly to student loans. Upromise's clients include America Online, Citicorp, Coca-Cola, Exxon Mobil, Kellogg Company, Kimberly-Clark, McDonald's, SBC Communications, JCPenney, Nestle, Lands' End, and Sears, among others.
The "529" college savings plans are offered through Upromise Investments, Inc. (member FINRA/SIPC) with investment management by The Vanguard Group. Upromise is headquartered in Newton, Massachusetts and employs 350 people. In July of 2007, Upromise reported their membership had reached 8 million.
Upromise's marketing emphasizes that it provides saving 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.
On August 22, 2006, Upromise was acquired by Sallie Mae.