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College Daze
American parents wholeheartedly believe in the importance of a college education, but relatively few are saving enough for that not-so-distant day when Junior's whopping tuition bills will start rolling in. Enter UPromise, Inc., a Brookline, Massachusetts, start-up. The new company, whose president and COO is Jeff Bussgang (MBA 1995), intends to transform "Americans' lust for spending into college savings," the Boston Globe (July 13, 2000) reported.
Companies that partner with UPromise will offer customers rebates on purchases in the form of contributions to a tax-deferred fund. According to UPromise, a family of typical income and spending patterns might accrue as much as $50,000 after fifteen years of participation in the company's program.
"Finding money for college is one of the biggest problems families face these days," noted Bussgang. "Our goal is to help solve that problem, taking advantage of the fact that companies are desperate for programs that will create customer loyalty." Bussgang and UPromise's venture capital investors will donate as much as half of their personal stakes in the company to a scholarship fund for low-income students.
UPromise's launch is scheduled for this fall.
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