Upromise

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Upromise, Inc.
Upromise Logo.jpg
Type Subsidiary of Sallie Mae
Founded 2000
Headquarters Newton, MA, United States
Key people president David Coppins, founder Michael Bronner,
Website www.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 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.

Critics of the Upromise program point out that as of 2008, the average member has earned only $47 toward future college expenses -- and that to accrue this amount, the participant opts into a highly detailed purchase-tracking system, with information sold by Upromise to subscribing marketers.[1]

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.

On January 5, 2012, Upromise agreed to settle FTC charges and was barred from its allegedly deceptive practice of using its web-browser toolbar, TurboSaver, to collect consumers' personal information without adequately disclosing the extent of the information it is collecting. The settlement also bars any future misrepresentation about the extent to which Upromise maintains the privacy and security of consumers' personal information, required the company to establish a comprehensive information security program and to obtain biennial independent security assessments for the next 20 years.[2]

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