ParkeBank Offers a New Way for Families to Save for College
ParkeBank is offering depositors an opportunity to save as much as $44,075 off the cost of a four-year degree. Through a partnership with SAGE Scholars, ParkeBank offers its College Tuition Rewards Program to all its personal deposit customers. Account-holders now have the opportunity to earn Tuition Reward points, similar to frequent flyer miles, which can be redeemed as tuition discounts at 289+ participating private four-year colleges and universities.
“We realize the burden that paying for a college education can place on families. That’s why we’re pleased we can offer this program to not only help a family pay for college, but to encourage them to start saving early. It is another benefit of becoming a ParkeBank customer. We are proud to be the ONLY bank in New Jersey to offer this program,” said ParkeBank Senior Vice President Daniel Sulpizio.
There is no fee for customers to participate in this unique rewards program. Quarterly, customers who are enrolled in the program will earn reward “points” equaling 1.25% of the combined asset balances in their accounts (checking, savings, certificates of deposit, money market funds, etc.). Each point is equal to and can be redeemed for $1.00 in tuition reduction at participating colleges, who use the program to recruit students. These guaranteed minimum scholarships are capped at one full year of tuition, spread evenly over four years of undergraduate study. Room and board is not included; a college’s normal admissions standards apply. The program is limited to private four-year colleges and universities that participate in the program.
The earlier that a ParkeBank customer enrolls and registers a student, the more points toward tuition they will accumulate. A registered student can receive points from multiple family members — parents, grandparents, aunts & uncles. The student enrollment deadline is Aug. 31st of the year 11th grade begins.
If you sign up now you will receive 500 Bonus Points, plus 500 Bonus for each child you enroll.
As high school seniors, students submit a rewards statement with their application for their freshman year of college. In 2011, 26,936 students joined the Tuition Rewards Program, participants submitted reward points valued at $18.1 million to participating colleges and universities with Drexel University receiving the most applications (146), followed by Duquesne University (86).
Participating Philadelphia area colleges include Arcadia University, Cabrini College, Chestnut Hill College, Delaware Valley College, Drexel University, Eastern University, Gwynedd-Mercy College, Holy Family University, Immaculata University, Moore College of Art, Rosemont College, The Restaurant School at Walnut Hill and Widener University. In 2011, the program expanded to into 45 states nationwide.
“The need for college assistance is growing. I know firsthand as my daughter is enrolled in a four-year institution,” added Sulpizio. “I wish I had the opportunity to enroll in the Tuition Rewards Program years ago; an extra $10,000 a year would significantly ease the financial burden on both her student loans and my family.”
Article is sponsored by ParkeBank. For more information on the Tuition Rewards Program, contact your local ParkeBank Branch or call 1.866.PARKEBANK (727.5325). ParkeBank maintains its principal office at 601 Delsea Drive, Washington Township, New Jersey. With branch offices in Atlantic, Gloucester and Philadelphia Counties, ParkeBank is a full service commercial bank, with an emphasis on providing personal and business financial services to individuals and small-sized businesses. ParkeBank’s deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (FDIC).