Upromise Savings for College

Discussion
May 14, 2002
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Parents of a toddler today can expect to spend $103,000 when their child goes
off to a public college for four years. If the child goes the private college
route, then the cost will balloon to $223,000. These numbers according to the
College Cost Projector from the College Board at www.finaid.org
were cited in a Buffalo News article on the Upromise program.

For those not familiar, the Upromise program puts a small percentage of a consumer’s purchase into a college savings account when select brand items are bought. Shoppers register at Upromise.com and receive three to five percent back on purchases.

According to the report, Upromise has teamed up with 15,000 grocery stores across the country. In upstate New York, the program is available in Tops and Quality Markets.

Moderator Comment: Will programs such as Upromise
lead to higher costs for products that are part of the program?

The Buffalo News piece cited Wegmans as one chain
that was taking a pass on the Upromise program because it feared that manufacturers
would have to raise prices to recoup costs. Upromise counters that fewer dollars
will be spent on alternative marketing programs so prices will not go up. [George
Anderson – Moderator
]

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