FAQ: What is the SAGE Scholars Tuition Rewards Program for Edvest Account Owners?
The Tuition Rewards Program allows EdVest account owners to receive discounts off undergraduate school tuition at participating private colleges and universities throughout the country. There is no charge to enroll in the program.
How does it work?
The Tuition Rewards are calculated based on college savings plan account balances. Tuition Reward Points are typically calculated quarterly and currently equal 2.50% (10% annually) of the value of your EdVest accounts. For example, if your account balance was $10,000 at the end of each quarter, you would earn 1,000 Tuition Reward Points for that year. If your account balance the year following is the same, you would earn another 1,000 Tuition Reward Points. The potential Tuition Reward Points earned each quarter will change based on the value of your EdVest investment.
Is there a maximum amount I can accumulate?
There is no limit on the amount of Tuition Rewards points that a sponsor (e.g., parent, grandparent, aunt/uncle) can earn. However, the maximum Tuition Reward per student is typically one full year of tuition, or as contractually agreed between SAGE and the participating schools (which may be “capped” at 13,800 or 15,600) depending on the school. Participating colleges and universities agree to accept your Tuition Rewards discount and may include it as part of their normal financial aid and scholarship packages.
The Tuition Reward must be applied evenly over the years of undergraduate education. Typically, this is four years. If the student completes undergraduate education in other than four years, it is up to the participating college to determine how the tuition reduction will be applied per year.
What schools are participating in the program?
Click here for a complete list of participating schools. More colleges are always being added, so if you don’t see the school you are interested in, it may be on the list by the time you apply to school. Tuition Reward Points earned throughout the program can be applied to a school’s tuition even if that school was recently added to the list.
Are Tuition Rewards applicable to room, board, books, etc?
No, Tuition Rewards can be applied to tuition only.
What happens if I withdraw my funds from EdVest?
You will stop accumulating further Tuition Rewards, but the rewards that you’ve already earned stay in effect.
Can I link my child’s account to SAGE at any time?
Students are eligible to join the SAGE Tuition Rewards Program from birth through August 31 of the year they begin 11th grade. SAGE Scholars will award 1,000 non-transferrable Tuition Rewards Points to each student account when the student is registered in the Tuition Rewards Program.
Can I link all of my Wells Fargo Advantage Funds® accounts to the Tuition Reward Program?
At this time, only 529 plan accounts are eligible to participate in the SAGE Tuition Rewards program.
How do I sign up for the program?
Enrollment consists of three parts:
- Registering for Online Account Accesswith your current investment accounts.
- Registering with the Tuition Rewards Program at www.tuitionrewards.com, including setting up a user name and password and then enrolling your students.
- Linking your SAGE ID to your EdVest accounts.
If I haven’t registered for Online Account Access, can I still participate in the program?
No. Because you must link your accounts to your SAGE ID, you must register for Online Account Access in order to set up your EdVest accounts to earn Tuition Rewards.
How do I keep track of my Rewards Points?
All information about your Tuition Rewards account and accumulated Rewards Points is provided by SAGE Scholars. Log in to your SAGE Scholars Tuition Rewards account at www.tuitionrewards.com.
When must I transfer my points to my students?
The deadline is August 31st of the year the student begins his or her senior year of high school. If your senior doesn’t attend a participating college, then transfer the eligible points to the next oldest beneficiary in your family.
When one of my students applies to a participating school, how and when do I notify the school about the Tuition Rewards?
You must submit a statement of your student’s Tuition Rewards at time of the student’s application to any participating school. You can do this by logging in to your account on www.tuitionrewards.com and going to your “Account Statement” page. For more information on using your Tuition Rewards, visit www.tuitionrewards.com.
If I open a SAGE Scholars account, is my personal information secure?
The SAGE Scholars student database is password-protected to safeguard your personal data.
Will I receive spam e-mail after I’ve signed up for the SAGE Scholars Tuition Rewards program?
It is SAGE’s policy not to sell names, but please be aware that participating schools have access to the database, and they view the program as a way to contact and attract potential future students once they reach 9th grade. SAGE will also send you a “welcome e-mail” following registration and thereafter will send you quarterly notification of additional points added to your account. Please add “firstname.lastname@example.org” to your email address book.
Click here to learn how to register for your rewards or to check your balance.
The Tuition Rewards program is offered and administered by SAGE Scholars, Inc., a private for-profit corporation. SAGE Scholars, Inc. is not sponsored by or affiliated with Wells Fargo or the EdVest college savings plan.
- 250th College Joins SAGE Tuition Rewards Enrollment Consortium (prweb.com)
- National Education’s SAGE Tuition Advantage program offers a 0% APR* financing option for students. (prweb.com)