Upromise
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| Type | Subsidiary of Sallie Mae |
|---|---|
| Founded | 2000 |
| Headquarters | Newton, MA, United States |
| Key people | president David Coppins, founder Michael Bronner, |
| Website | shop.upromise.com |
| Launched | April 2001 |
Upromise, Inc. is an American corporation launched in April 2001, that is owned by SLM Corporation, the parent of Sallie Mae. Upromise claims to be the largest private source of college-funding contributions in the United States, with $575 million accrued in members' Upromise "college savings accounts."
Upromise members accrue account credit on eligible purchases from grocery stores, online retailers, travel, restaurants and gas stations. Members can direct their earnings into a high-yield savings account or tax-deferred 529 plan, use it to pay down eligible student loans or request a check to spend the funds in any way they like -- the money is not required to be spent on college-related expenses.
Upromise is headquartered in Newton, Massachusetts.
The "529" college savings plans are offered through Upromise Investments, Inc. (member of Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC)).
On August 23, 2006, Upromise was acquired by Sallie Mae.
