Does UPromise Live Up to Its Name?
I recently read a review of UPromise written by a blogger named modernmarvel. She's a lawyer and a mother of three who has, so far, saved $500 - with the help of family and friends - through UPromise.
Although modernmarvel doesn't knock it, she does have some things to say about UPromise that aren't too promising (no pun intended).
Her first caveat comes in the form of a condition that must be met by all members who hope to retrieve the money they've saved ... they must have "529 Plans" for their children. The 529 Plans - from section 529 of the IRS tax code authorizing them - are much like 401(k) plans. They are sponsored by states, state agencies, or educational institutions and come in two forms, prepaid and paid.
The prepaid 529 plans allow parents to lock in today's tuition prices at a particular college or university. "They purchase credits or units at participating colleges and universities for future tuition and sometimes room and board," according to the U. S. Securities and Exchange Commission. The paid 529 plans don't allow tuition prices to be locked in. Parents simply invest in stocks and /or bonds with participating investment firms like Vanguard, Smith Barney, and T Rowe Price.
The need for a 529 Plan wasn't a hindrance for modernmarvel because she already had them for two of her children. Unfortunately for her, UPromise discontinued its relationship with Fidelity, so modernmarvel will have to switch to another investment firm or risk forfeiting the $500 she's already saved.
Modernmarvel's next warning is about the lack of speed on the UPromise site. Pages take much too long to load, she said. It also takes several days for information to be processed when establishing a new account, and it can take anywhere from several weeks to several months or even a year for savings to be deposited into an account. If such delays aren't perturbing, then going to UPromise to help save for future college tuition might be worth it.
There are many ways to save with UPromise like registering credit cards so rewards go to a member's account every time the registered card(s) is used. This is where friends and family can really be a help. By creating UPromise accounts and registering their credit cards, they help the member earn additional rebates. Modernmarvel's friends and family contributed $200 of the overall $500 she has saved.
Online shopping, especially at participating online companies like ebay or travelocity, purchasing a meal in certain restaurants, during certain times of the day, and using a registered credit card, can earn a saver a 10% rebate. Grocery shopping in a participating store and using the store's customer card, or purchasing certain products like Coke or Kellogg's cereals can help a UPromise member earn rebates, modest though they may be. For those who like giving MacDonald's gift certificates, 3% rebates can be earned on each purchase.
Sometimes local stores can be registered with UPromise and rebates can be earned through credit card purchases. Modernmarvel cautions against using the UPromise Citibank Card, which deposits 1% of a saver's total spending into his account, because she had a miserable experience with Citicard.
On the plus side of UPromise, modernmarvel said the site is user-friendly and they keep goog records; however, because of the 529 Plan requirement, she said she wouldn't recommend UPromise to anyone who didn't feel a 529 college savings plan was a good fit for her.
Posted by Candice Arnold on April 29, 2008 at 11:55 AM | Leave a Comment (0)
Update on Student Loan Relief Bill
Just wanted to updated all our readers on a subject we previously blogged on. Congress has revised The College Opportunity and Affordability Act, H.R. 4137, which allows certain occupations to be eligible for federal loan repayment support. The revised bill now includes the Physical Therapy field and allows Physical Therapists to apply for student loan forgiveness. This is very exciting news for the many PT's who start their careers off swimming in student loan debt.
"Physical therapists (PTs) who choose to work with children, adolescents or veterans would be eligible to apply for student loan forgiveness under legislation approved Thursday, February 7, by the US House of Representatives. Rep Joe Sestak's (D-PA) amendment to the College Opportunity and Affordability Act of 2007 (HR 4137) authorizes the US Secretary of Education to forgive a portion of qualifying student loan debt to PTs practicing in areas of national need."
Now that the PT profession has successfully become included in the above mentioned bill, Occupational Therapists are now pushing for inclusion. The AOTA has quickly banded its members together and are taking action to get their profession incorporated into the final bill. Now they wait on the Senate's decision.
Article courtesy of RehabCare Student blog. RehabCare provides college recruiting for Physical Therapists, Physical Therapy Assistants, Occupational Therapists, Occupational Therapy Assistants and Speech Language Pathologists.
Posted by Candice Arnold on February 26, 2008 at 7:26 PM | Leave a Comment (0)
Aim for a College Soccer Scholarship
Provided By: Associated Content, Inc.
Paying for college is one of the most important financial investments one can ever make. Many times, college tuition is out of the reach for parents, who may not be able to afford the steep fees. In these cases, scholarships are available in order for the student to carry on with studies.
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Posted by CandiceArnold on February 7, 2008 at 5:01 PM | Leave a Comment (0)
Should Children from Military Families Receive College Tuition Discounts?
Provided By: Associated Content, Inc.
With the rising tuition costs in America, many children from middle class and lower class homes may lose out on the opportunity of pursuing dreams and career goals because their families cannot afford the extra expenses of paying for college tuition.
Continue reading "Should Children from Military Families Receive College Tuition Discounts?"
Posted by CandiceArnold on February 4, 2008 at 6:24 PM | Leave a Comment (0)
Paying College Athletes - Why it Should Be Done and How to Do It
Provided By: Associated Content, Inc.
For quite some time now, there has been a big debate about whether or not college athletes should be paid. Some people believe that a scholarship should be payment enough. After all, a scholarship can be easily worth $15,000 - $25,000 or more per year, plus a career after college that can be worth a million dollars over a lifetime.
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Posted by CandiceArnold on February 4, 2008 at 6:22 PM | Leave a Comment (0)
Seven Tips to Get Money for College
Provided By: Associated Content, Inc.
Having helped students apply for money for school, I cannot tell you how many times a stressed out student has pleaded for a loan to pay for their classes. The scenario usually involves someone who has waited until the last minute to apply because they did not know where to start.
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Posted by CandiceArnold on February 1, 2008 at 12:44 PM | Leave a Comment (0)
Tips on Financing Your College Education
Paying for College when You're Dead Broke
Provided By: Associated Content, Inc.
It's happening on many college campuses, not just yours. Tuition is increasing and the availability of student financial aid is dwindling. You're not just low on cash, you have no cash. Reality is that higher education is expensive.
Continue reading "Tips on Financing Your College Education"
Posted by CandiceArnold on February 1, 2008 at 12:23 PM | Leave a Comment (0)
