Harris Bank started a program this summer to offer shareholders of Harris Insight Funds reductions on tuition at 109 private colleges and universities in 28 states.
The reduction is a credit earned at a 5% rate on average annual account balances and then applied evenly over four years of college enrollment. The maximum is the average year's tuition at the participating colleges, currently $13,800.
Schools in the program include Drexel University, Guilford College, and United States International University.
The program was developed by SAGE Scholars, an educational consulting firm, in West Conshohocken, Pa. SAGE chairman Dr. James Johnston expects the program to include 300 colleges in the next two years.
Peter Capaccio, senior vice president of Harris and director of its investment products group, said he expects to have 8,000 to 10,000 participants in the tuition program by next summer.
The 18 Harris Insight Funds have $6.4 billion of assets under management.