Introducing Upromise GoalSaver: The New and Simple Way to Save for College

Sallie Mae Launches Free, FDIC-Insured Goal-Based College Savings Account as Part of National College Savings Month

Media Capsule

Wednesday, September 9, 2015 1:13 pm EDT

Dateline:

NEWARK, Del.

Public Company Information:

NASDAQ:
SLM
"We know those who have a plan and save are more likely to attend college, more likely to graduate and will do so with less debt. Upromise GoalSaver can get families on the right track, turning savings into a habit and helping bring that dream of higher education within reach."

NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae, the nation’s saving, planning and paying for college company, today announced a new, simple way to save for college: Upromise GoalSaver. Upromise GoalSaver is a free, no fee, FDIC-insured online savings account that allows families to save for college, and other goals, all in one place. Upromise GoalSaver rewards account holders with a competitive 0.80 annual percentage yield, available annual cash back bonuses and Upromise rewards.

According to How America Saves for College 2015, a study by Sallie Mae and Ipsos, the overwhelming majority of families agree college is an important and worthwhile investment, yet fewer than half are saving for college. Many families are apprehensive and overwhelmed when it comes to saving for college and unclear on how to get started. The same study also found, however, that those families who set a goal are more motivated and more likely to put money aside to meet that goal.

Upromise GoalSaver makes saving for college easy and rewarding. Families simply set a goal, save toward it, track their progress and earn rewards:

Set Your Goal

Families can set a specific savings goal for college tuition, textbooks, an emergency fund or even a future down payment all in the same account. There are no fees and no minimum balance requirements. Account holders simply set a target date, and Upromise GoalSaver will build a plan for each goal and calculate how much is needed to save toward each.

Save Toward Your Goal

Upromise GoalSaver helps make saving a habit: The old adage is, “Set it and forget it,” and GoalSaver allows families to do just that. Account holders link a bank account and set up automatic savings plan or recurring direct deposits on a monthly or biweekly basis.

Track Your Progress

Families can stay motivated by following their progress with goal trackers and can share their progress with friends and family through Facebook and Twitter.

Earn Rewards

In addition to a competitive interest rate, Upromise GoalSaver also offers account holders rewards as they save. Account holders who set up automatic deposits are eligible to receive a $10 bonus annually. Goal savers who deposit and retain $5,000 or more into their account as of their three-year anniversary date are eligible to receive a $100 bonus. Account holders can also qualify to receive a 10-percent match on their Upromise cash back rewards earned through everyday purchases at more than 850 retail partners.

“When it comes to saving for college, one of the greatest obstacles to overcome is simply getting started,” said Charlie Rocha, executive vice president, Sallie Mae. “We know those who have a plan and save are more likely to attend college, more likely to graduate and will do so with less debt. Upromise GoalSaver can get families on the right track, turning savings into a habit and helping bring that dream of higher education within reach.”

Sallie Mae recommends the 1-2-3 approach to saving for college: first, open a savings account; second, set a goal and regularly contribute money; and third, explore tax-advantaged options such as Coverdell Education Savings Accounts, prepaid state plans, and 529 college savings plans.

Upromise by Sallie Mae is free to join and its members have earned more than $900 million in cash back for college. With more than 850 online partners such as Macys.com, BestBuy.com, 10,000+ local and national restaurants, and partnerships with top travel and hotel sites, Upromise is the place to save for college with everyday purchases.

For more information visit www.UpromiseGoalSaver.com.

Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Multimedia Files:

Upromise GoalSaver by Sallie Mae: How It Works Video
Upromise GoalSaver: How It Works (Graphic: Business Wire)
Sallie Mae's How America Saves for College 2015 report
Sallie Mae's How America Saves for College 2015 Infographic (Graphic: Business Wire)
Upromise GoalSaver logo

Contact:

Sallie Mae
Rick Castellano, 302-451-2541
rick.castellano@salliemae.com