For College Savings Month, Upromise Shares 10 Things Parents Should Know About College Savings
Published: October 9, 2021
Upromise, the leading college savings rewards program, has compiled an infographic of 10 Things Parents Should Know About College Savings. Key among them is the power of making regular contributions to tax-free 529 college savings plans. Saving just $100 each month for 15 years, invested at a 6% annual return, will produce over $30,000 in a college savings account, according to Upromise.
Upromise believes so strongly in the importance of savings for college that it offers a $30 reward just for opening a free Upromise.com account and linking it to a 529 college savings plan. The free Upromise program then offers cashback rewards on everyday purchases that supplement college savings.
When it comes to saving for college, finance experts continue to preach “Don’t wait; start now.” “By making regular contributions to a 529 plan, even as little as $50 each month will amount to considerable savings based on the power of compounded interest,” says Derek DeLorenzo, Sr. Director for Upromise 529 Programs and one of the nation’s top experts on education saving strategies.
With college costs rising and college degrees continuing to open doors to better employment opportunities, Upromise is committed to its goal of making it easier for families to save for college by sharing the latest trends, proven strategies, and even creative ways of paying for school.
DeLorenzo’s biggest tip is, “Simply start chipping away at college savings now, and don’t allow yourself to be paralyzed by viewing it as an overwhelming expense.” He says, “Save for college with modest and regular contributions; frequency and consistency are key to long-term success.”
About Upromise. Over the years, Upromise has awarded its members more than $1 billion in rewards. Upromise also sponsors the Upromise 529 Scholarship program helping more kids go to college. Visit www.upromise.com for more information.