SAGE Scholars Tuition Rewards is a unique private college savings program. Tuition Rewards Points are like frequent flyer miles - but for college tuition!
Tuition Rewards are discounts off of tuition at participating private colleges and universities. The Tuition Rewards Points represent the minimum scholarship that an eligible student will receive if and when he or she attends a member school. Schools may count Tuition Rewards as part of their normal institutional aid. For example, if a family redeems 30,000 Tuition Rewards Points for a student, the student is guaranteed to receive at least $30,000* in financial aid (scholarships or grants), spread equally over four years of a traditional undergraduate education.
The student may receive more, but is guaranteed not to receive less.
Tuition Rewards points are typically earned by the Sponsor and accrue in the Sponsor's Tuition Rewards account. It is up to the Sponsor to assign (transfer) Tuition Rewards points from the Sponsor account to students listed on their account. Tuition Rewards must be assigned to a student by August 31st of the year that the student begins 12th grade. After that date, the student's rewards value can not be changed.
When a Tuition Rewards student applies to a participating college (or colleges), the Sponsor must submit the student's Tuition Rewards statement to that college or university within ten (10) days of the student's application. If the student has created a login for his or her student account, the student can also submit the Tuition Rewards statement.
Tuition Rewards are not awarded in cash. If all requirements have been met, and the student's Rewards were submitted within 10 days of application, you are guaranteeing that the student will be awarded scholarships, grants, or other awards at least equal to the amount of points submitted (1 point = $1, up to the college's stated maximum), divided equally over a projected four (4) years* of traditional undergraduate education.
For example, a student with 20,000 points - having met the deadlines - would be guaranteed to receive no less than $5,000 in total scholarships, grants or other discounts, provided by the college or university, for each of the four years* he or she would attend. Should the student qualify for more than is guaranteed by the Tuition Rewards, the student will receive the higher amount but cannot receive less.
The financial aid award letter may not specifically identify "Tuition Rewards". Colleges reserve the right to privately label Tuition Rewards Points as their own award. As long as the college award equals or exceeds the student's submitted Tuition Rewards Points the college has met its obligation.
* can be divided equally over five (5) years if student is enrolled in a co-op program.