Members Fuel Their College Savings With Rewards from ExxonMobil
NEWARK, Del., March 4, 2013 - Members of Sallie Mae's Upromise program have earned $35 million in college savings through cash back rewards from fuel purchases at Exxon and Mobil stations since the program's inception in 2001.
According to the U.S. Energy Information Administration, the average U.S. household spent nearly $3,000 on gasoline in 2012. Each time Upromise members add gas to their tanks, they can add to their college savings or help pay Sallie Mae student loans.
Gene H. of Exeter, N.H., an active member in the Upromise program* who has saved $8,400 for his son's college tuition through Upromise, said, "I often stop for gas at ExxonMobil to contribute to my savings. As expensive as gas is, it makes me feel better every time, knowing that it's going towards my son's education. The savings really add up. We are now paying for my son to attend college."
Upromise members earn 1 cent per gallon** cash back at participating Exxon or Mobil gas stations. To plan where to stop and save, members can download the Upromise app to easily locate the station nearest them. Members who have the Upromise MasterCard can save even more, up to 3 percent of their gas purchase as well as 1 cent per gallon.
Throughout the year, when families travel they can save for college through Upromise, in addition to earning cash back for gas purchases. Through the Upromise travel page, members can book their flight, hotel, rental car and more, all through Upromise partners. Members can also earn cash back for college at participating Upromise Dining restaurants locally during their travels.
Upromise by Sallie Mae is free to join and members have earned more than $700 million in cash for college since 2001. Money earned from qualifying purchases is accumulated in a Upromise account and can be invested in a tax-deferred 529 college savings plan, deposited into a Sallie Mae High-Yield Savings Account, used to help pay down an eligible Sallie Mae student loan, or sent to the member in the form of a check.
*This is an active Upromise member. Individual savings depend on level of spending.
**Requires a total purchase of 20 gallons or more per calendar month, excludes diesel and fleet purchases
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 529 college savings plans, 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.