Smart Shopping Takes on New Meaning with Money for College High on Holiday Gift Lists, According to New Research from Upromise by Sallie Mae

Students, Parents and Grandparents Can Earn Cash Back for College Gift Giving Through Hundreds of Retailers at Upromise.com

Category:

Tuesday, November 12, 2013 10:25 am EST

Dateline:

NEWARK, Del.

Public Company Information:

NASDAQ:
SLM
"Coming out of the recession Americans are increasingly looking for practical and meaningful gifts, such as the gift of education"

NEWARK, Del.--(BUSINESS WIRE)--According to new Upromise by Sallie Mae research, three generations agree on one theme: money for college is high on their wish list this holiday season.

Most Millennials (70%) say they’d like a gift of money for college and Gen X parents (54%) hope their children receive money for college. Luckily, nearly half (42%) of Boomers would like to give money for college as a gift.

Regardless of age, you’re more likely to shop online this holiday, says the new survey. Millennials are most likely to shop online to save time (81%) and money (60%), closely followed by Gen Xers. One out of five millennial shoppers plan to spend less than last year by stretching spending with online (87%) and in store (69%) coupons, browsing online for the best prices and leveraging rewards programs. Gen Xers are highly cost conscious, trailing slightly behind Millennials in nearly each way to save. Grandparents are the most likely to save by using in-store coupons.

“Coming out of the recession Americans are increasingly looking for practical and meaningful gifts, such as the gift of education,” said John Ward, senior vice president, Sallie Mae. “Every bit helps and by joining Upromise for free and shopping you can receive cash back to help save and pay for college for yourself or a child.”

Last year during the holiday season Upromise members received $14 million in cash back for college. Shoppers can give and receive by starting their shopping at Upromise.com where they can earn 5 percent cash back for college or 10 percent with the Upromise MasterCard at hundreds of major online retailers. Additionally, each Tuesday, savings will increase to 10 percent on select merchants. For those looking for coupon codes, Upromise features available promotions, coupon codes, and free shipping.

Upromise by Sallie Mae is free to join and members have earned nearly $800 million in cash back for college. Hundreds of companies have joined forces to help families save money for college through everyday purchases, online shopping, booking travel, or dining out. Rewards can be invested in a 529 college savings plan, used to help pay down an eligible Sallie Mae student loan, deposited into a Sallie Mae High Yield Savings Account or requested by check.

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. 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.

Contact:

Sallie Mae
Debby Hohler, 617-454-6741
dhohler@upromise.com