ALBANY, N.Y.-State Employees FCU said it is now offering its members tuition discounts at more than 225 private colleges as part of a new savings inducement.
Under a program unveiled with SAGE Scholars, a Philadelphia-based private college savings program, members will be able to earn scholarships equal to up to one full year of tuition, based on the balance in their SEFCU accounts.
"Members can earn tuition rewards similar to how they earn frequent flier miles," said John DeCelle, spokesman for the $1.6-billion credit union.
Interested families can enroll their children in the SAGE program at any time before the beginning of the student's junior year of high school.
Once a child is enrolled, balances in their parents', grandparents', aunts' and uncles' SEFCU accounts, including checking, savings, and share certificates, will be added together.
Each quarter, points will be earned which equal 1.25% of the combined asset balances. Every point equals $1 in scholarships that can be used to pay for college tuition at participating schools.
Under the program, 225 schools have agreed to deduct the points from the student's tuition bill, so no cash actually changes hands. The main cost to SEFCU will be the marketing of the program, which it plans to do in branches, online and through direct mail.
