Every parent with aspirations of sending their child to college realizes that college is expensive. However, there are only a small percentage of those parents that realize there are opportunities to receive free discounts on college simply by enrolling in a program called SAGE Tuition Rewards, a points program for college similar to a frequent flyer miles program for airlines.
With the SAGE program, you actually have an opportunity to earn up to one free year of tuition per child. What a difference this could make for a family’s ability to pay for college without being saddled with a huge amount of student loans.
The perfect time to start planning for your child’s future is now. With SAGE Tuition Rewards, you can earn guaranteed scholarships at participating private colleges and universities for up to one full year’s tuition. Currently there are 4.6 million eligible families with 358 colleges in 45 states through the SAGE program. This program is completely free to join and you can start as soon as birth and as late as junior year of high school.
You can earn tuition points, worth a dollar per point, by saving or investing through 529 plans, banks, company sponsored retirement savings plans, brokerage firms, financial service companies and student academic programs. Generally, the tuition rewards grow annually at a 5% rate on the value of the eligible assets. So if you invest $10,000, you will earn 500 points for the year. The more you invest and the longer you are a SAGE member, the more you will earn. When the student participates in the academic planning program, they can earn 5,000 points for the freshman year, 5,000 points for the sophomore year and 5,000 points for the junior year making it a total of 15,000 points or a guaranteed scholarship valued at $15,000.
Once the student reaches their junior year of high school, the earning period is over. If the student earns a total of 20,000 reward points, then those points will be spread equally throughout the 4 years of college, giving the student 5,000 points per year. The points are used only towards undergraduate tuition and does not include summer school.
During a student’s senior year of high school, when applying for one of the participating private colleges or universities, a tuition rewards statement must also be submitted. The tuition reward points can be added or included with other scholarships, awards and discounts. Points expire three years after graduation. So as long as they are not bonus points awarded to a specific student, they can be transferred to a younger member of the family.
For more details on the SAGE program, talk with Chris Everett, your college planning professional. Call 708-771-7777 today.