BEL AIR, Md. – HAR-CO FCU is one of the first credit unions to offer a tuition rewards program which will offer discounts on college tuition in exchange for increased savings.
The program, offered through SAGE Scholars, will pay members points equal to 5% of the combined asset balances in their savings and checking accounts. One or more registered students can receive points from multiple family members including parents, grandparents, aunts and uncles. Points can be assigned anytime before the beginning of their junior year of high school.
Every point can be redeemed for $1 in tuition reduction at more than 230 participating colleges.
So a member with a combined deposit balance of $50,000 will receive 2,500 tuition reward points per year. Over five years that will amount to 12,500 points which will later translate into $12,500 off your student’s tuition cost, spread evenly over their four years at college.
SAGE, for Savings and Growth for Education, was founded by Dr. James Johnston, a former director of admissions and financial aid at the University of Pennsylvania’s Wharton Graduate School. SAGE Scholars claims to be the largest private college savings program in the U.S. with more than 150,000 enrolled students, and participating private colleges in 39 states.
