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BabyMint Adds Matching Scholarships to its College Savings Program

By Anonymous

ATLANTA and PHILADELPHIA (June 26, 2002) – BabyMint, Inc., the nation’s leading microinvesting technology company, and SAGE Scholars, Inc., the nation’s only savings program devoted to private colleges, announced today the launch of the BabyMint Tuition Rewards Program. Traditionally, through the BabyMint program, consumers receive up to a 20% rebate on every-day purchases made through BabyMint’s network of more than 700 retailers and 127,000 grocery stores including, Albertson’s, A&P, Stop & Shop, and others. Retailer and product rebates are automatically tracked and deposited in the consumer’s 529 college savings plan. Now, through this first-of-its-kind program, parents will receive a matching scholarship credit in addition to the merchant rebates they earn.

“For example, through the BabyMint Tuition Rewards Program, a $100 transaction at PetSmart can result in a $7 merchant rebate, a $1 credit card rebate, and an $8 Tuition Reward – in total that’s a $16 dollar contribution towards the family’s college savings goal. Depending on when a parent or grandparent enrolls in the program, they could save thousands towards the spiraling cost of higher education”, according to Mike Mitchell, BabyMint’s Chief Financial Officer, and former Wachovia bank card executive.

According to a recent study by fund management company TIAA-CREF, almost half of parents polled (48%) report they have accumulated one tenth or less of their anticipated educational funding needs. "Educational funding is a financial planning problem many families wrestle with, regardless of whether they are looking at public or private schools”, says James B. Johnston, Ed.D., chairman of SAGE Scholars. “The BabyMint Tuition Rewards Program addresses both sides of the educational funding equation by helping families accumulate hard- dollar savings, while also tapping into the soft-dollar scholarships that are available.”

In addition to any merchant rebates that are accumulated through the BabyMint college savings program, parents can earn up to $15,600 in Tuition Rewards by simply opting into the program during the BabyMint member registration process, or by updating their current BabyMint membership. Best of all, participation in the BabyMint college savings program and the new BabyMint Tuition Rewards program are at no cost to parents and families.

About BabyMint, Inc.
Headquartered in Atlanta, BabyMint, Inc. is the nation’s leading microinvesting technology company. Through its nationwide network of retailers and name brands, BabyMint’s proprietary “savings engine” enables individual investors to save toward a child’s college tuition while doing their daily shopping. By directing rebates on everyday purchases into their educational savings accounts consumers have the potential to save thousands of dollars towards their education savings goals. According to Financial Research Corporation, merchant and credit card rebates, such as those facilitated by BabyMint, have the potential to represent an incremental $1.1 billion per year in assets to banks and investment management firms.

The company also licenses its branded technology and infrastructure to financial institutions as a product enhancement for any college saving account, including federal income tax free 529 plans and Coverdell education savings accounts (formerly known as the Education IRA). Financial institutions offer membership in BabyMint to individual investors (consumers) who register to participate in the program at no cost. The company’s proprietary “savings engine” can also be branded and marketed as a loyalty program to address various major life expenses (retirement, down payment on a new home, etc.). For more information please visit http://www.babymint.com.

About SAGE Scholars, Inc.
SAGE Scholars, Inc., the nation’s only savings program devoted to private colleges, offers a cost-efficient, value-added bonus to existing 529 and other savings vehicles. The bonus, called Tuition Rewards, is a product differentiator provided by 150 participating private colleges and universities. Families investing in eligible funds receive Tuition Rewards – discounts off tuition – of up to $15,600 or one full year’s tuition. For more information please visit http://www.sagescholars.com

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