ParkeBank is now offering depositors an opportunity to save as much as 25% off the cost of a four-year college degree!
Through our new partnership with Philadelphia-based SAGE Scholars, ParkeBank is now making College Tuition Rewards available to all depositors. Just for being our customer, you now have the opportunity to earn Tuition Reward Points, similar to frequent flyer miles, which can be redeemed as tuition discounts at 400+ participating colleges and universities.
There is no fee to participate in this unique rewards program. Tuition Rewards is now the nation’s largest private college savings vehicle.
The earlier that ParkeBank customers enroll, the more points toward tuition you will accumulate. A registered student can receive points from multiple family members — parents, grandparents, aunts & uncles. This is a great reason to recommend ParkeBank to the rest of your family!
Frequently Asked Questions
How Are Points Earned?
Upon enrollment, ParkeBank clients receive Tuition Reward “points” based on their consumer checking, savings, and certificate of deposit accounts balances. Rewards are issued quarterly at a rate of 1.25% of account balances. For example, on a $10,000 CD, you would earn 500 Points per year. These Reward Points accumulate year after year and can be used to reduce the tuition costs at participating colleges and universities. As your ParkeBank relationship grows, so do your Tuition Rewards.
Who Is Eligible?
As a Tuition Rewards member, you can accumulate & use those points on behalf of your:
- Children & stepchildren
- Grandchildren, great-grandchildren
- Nieces, nephews, grand-nieces, grand-nephews, etc.
Only family members are eligible.
How do account-holders enroll in Tuition Rewards?
What information do I need to register?
Name, address, e-mail address & phone number. No “sensitive” information (Social Security numbers or ParkeBank account numbers) are collected.
How long will it take to register?
You can complete registration in about a minute. The process has 3 steps:
- The account holder (“Sponsor”) enters his or her name, ZIP code, date of birth and e-mail address. (This determines if you’re already registered.)
- You pick a user name & password; answer a security question (for automatic help if your forget your password); select which (if any) e-mail notifications to subscribe to (ex: new colleges); and, agree to program terms & conditions. You’re now-registered! After this step, SAGE automatically sends you a “Welcome to Tuition Rewards” e-mail with your unique account activation code.
- You can add one or more student family members now. Or, do this later by logging into your account and selecting the “Add a Student” link from the navigation menu. Each student whom you enroll immediately receives 500 bonus points (a $500 value).
What is the “activation code”? Why do I need it?
An activation code is e-mailed to your registered e-mail address. By clicking on the link in the email, you verify that the e-mail address on file is valid. This is important — because all quarterly Reward statements are e-mailed, not mailed. Benefit: Your 500-point Sponsor activation bonus (a $500 value) is awarded upon activation of your account!
What are the 3 deadlines?
Students must be enrolled by August 31st of the year that 11th grade begins. (Reason: In return for offering tuition discounts, participating colleges require time to market to enrolled students.)
Sponsors must transfer Tuition Reward Points from the sponsor’s account to a student on or before August 31st of the year that 12th grade begins. Only points that are in a student’s account can be submitted to a participating college.
Sponsors must submit a Tuition Reward statement to any member college to which a student applies — at the time of application.
What if I don’t have any eligible students now?
Sign up any way. Begin accruing Tuition Rewards. The longer you’re in the program, the more Reward Points you’ll earn. Eventually, there should be some children in the family who can benefit from the points!
Why do colleges participate?
Participating colleges & universities use the Tuition Rewards program to recruit more or better students. In 2018, six member colleges received more than 100 applications from participating high school seniors: Arcadia, Duquesne, La Salle, Rochester Institute of Technology, University of Tampa and Widener. Students submitted $85.7 million in Tuition Rewards points to participating colleges.
What are the limitations?
- Limited to undergraduate tuition at participating colleges starting with the freshman year. A student must use the points within three years of high school graduation. Only private colleges are eligible. Rewards must be submitted at time of application.
- Rewards are remitted solely as a reduction to the participating college’s full tuition bill – NOT awarded in cash. Rewards are limited to a maximum per student of up to one full year’s tuition, spread evenly over 4 years. (There is no maximum amount of points an account-holder can earn.)
- Colleges reserve the right to use Tuition Rewards as part of, or separate from, any financial aid / scholarship offer.
Call 1-877-PARKEBK (727-5325) to learn more — or to open your Tuition Rewards account.