Sallie Mae Buys A Promise

June 02, 2006, 1:00 a.m. EDT 1 Min Read

RESTON, Va. - (06/02/06) Student loan giant Sallie Maeannounced Thursday it has agreed to acquire Upromise Inc., a theoperator of a rewards program that helps members save for college.Upromise is also the largest administrator of direct-to-consumer529 college savings plans, and manages over one million collegesavings accounts with more than $10 billion in assets in sevenstates. The agreement comes a week after Upromise announced a dealwith MasterCard International which will allow MasterCard debitcard holders to set aside bonus points for a college savingsaccounts. Members of Upromise will earn rebates from thousands ofgrocery stores, gas stations, restaurants and retail stores thatwill be rebated into a Section 529 plan.

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