Upromise --cash

[WendyisDarling]

I don't know how long this has been going on with Upromise and apologies if it has been discussed many times.
I just learned today that there are two additional options to investing the $ gathered into a 529.

If you don't use the 529 option then you can somehow apply it to your student loan balance OR just get a check!

I've had a Upromise account for years. It's grown little by little and I don't give much thought to it. We don't use a 529 for college savings (we have a different approach), but I got an email from Upromise today about nothing important and checked their site. Lo and behold...I can get the accumulated cash from them w/o a 529 by simply mailing in a form. I still will use it for college fund, but since 529 wasn't for us --I'm thrilled I can access that cash.

 

[hjohnson6]

That's neat to know! My mom started accounts for the boys but they aren't a 529. I would love to be able to get the money out of my Upromise account so she can put it into their accounts.

 

[mrsklamc]

I don't think we were properly credited when we had it linked directly to the student loan so I recommend getting the check. We do this periodically.

 

[MommyMcQueen]

Yup - the form is right there on the site under the Help:My Account secion. I cashed out for the first time in November, I just printed out the form and faxed it in. I received a confirmation email within a couple of days that they had received my withdrawl request, and I had the check in a couple of weeks.

The check comes in the account holders name, and you can cash it and use it any way you wish. I deposited mine directly into my son's account, and it is at least earning some interest in his savings.

Keep in mind, if you request over $300 your request must be notarized or have a signature guarantee from a bank, so I made sure to withdrawl before it got to that amount.

 

[budbeerlady]

Thanks, I will have to get the check and put it into her 529 plan, its not one of the linked ones.