Upromise by Sallie Mae and Barclaycard will observe National 529 College Savings Plan Day on Wednesday, May 25, at 1 p.m. EDT by hosting the #CollegeSavingsChat on Twitter with award-winning author and personal financial expert Jean Chatzky. Chatzky will discuss saving for college strategies, the benefits of 529 college saving plans, and how to make saving for college a regular habit. In addition, five chat participants will be selected at random to win $529 in cash from Upromise by Sallie Mae (official rules).

According to “How America Saves for College 2015,” an annual study conducted by Sallie Mae and Ipsos, families overwhelmingly believe college is an investment for their children, yet fewer than half are saving for college. In addition, of those families who are saving, nearly half rely on general savings accounts, while only 27 percent utilize tax-advantaged accounts like 529 college savings plans. National 529 College Savings Plan Day was established to raise awareness and promote the benefits of tax-advantaged 529 plans.

 

WHAT:

To commemorate 529 College Savings Day, Upromise by Sallie Mae and Barclaycard will host a Twitter chat, #CollegeSavingsChat, with Jean Chatzky (JeanChatzky.com).

 

WHERE:

 Follow the Twitter chat using the handle #CollegeSavingsChat.
 

WHEN:

 Wednesday, May 25, at 1 p.m. EDT.
 

WHO:

 Personal financial expert Jean Chatzky, Upromise by Sallie Mae, and Barclaycard.
 

WHY:

According to “How America Saves for College 2015,” the national study by Sallie Mae and Ipsos, families with 529 plans had the highest average total college savings — $11,590 — but only four in 10 parents were aware 529 plans exist.

 

“Upromise by Sallie Mae encourages families to save for college every day, but we realize sometimes the hardest part is simply getting started,” said Dave O’Connell, president, Upromise by Sallie Mae. “529 College Savings Plan Day is a great way to remind and encourage families about saving for college, and using programs like Upromise and the Upromise MasterCard to fuel college savings and a 529 plan faster. We’re honored to host Jean Chatzky for the second year to discuss this important topic.”

The Upromise MasterCard issued by Barclaycard rewards cardmembers with cash back on all purchases, including up to 10 percent cash back on eligible purchases at more than 850 retailers and travel partners through Upromise.com. When families open the Upromise MasterCard account, they’re automatically enrolled in Upromise by Sallie Mae, and they can immediately start earning cash back. The cash back earned on everyday purchases can be invested in an eligible 529 college savings plan, used to help pay down an eligible student loan, transferred into an FDIC-insured Upromise GoalSaver account, or withdrawn by check. Upromise MasterCard cardmembers earned more than $46 million in cash back for college in 2015.

“When it comes to saving for college, one of the most important things a family can do is contribute regularly,” said Ann-Marie Archino, Senior Director of Partnerships Barclaycard US. “Accumulating college savings with everyday purchases can make a major difference over time, and can greatly effect a family’s ability to pay for college.”

Sallie Mae recommends the 1-2-3 approach to saving for college: first, open a savings account; second, set a goal and regularly contribute money; and third, explore tax-advantaged options such as 529 college savings plans.

For more information visit Upromise.com. To join the chat on May 25, just follow #CollegeSavingsChat on Twitter. For the five $529 sweepstakes, no purchase is necessary, void where prohibited, and ends at 2 p.m. EDT on May 25, 2016.

About Sallie Mae

Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. 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.

About Barclaycard US

Headquartered in Wilmington, Del., Barclaycard US is one of the fastest growing top-10 credit card issuers in the nation. The company creates customized, co-branded credit card programs for some of the country’s most successful travel, entertainment, retail, affinity and financial institutions. For more information on Barclaycard please visit BarclaycardUS.com