Tuition Rewards FAQs

Think of Tuition Rewards Points as "frequent flyer miles" for college tuition. But instead of earning Tuition Rewards by flying, you earn them by taking care of your everyday banking needs.

You earn Tuition Rewards Points based on your deposit relationships. You will receive Tuition Rewards off your eligible deposits. These are calculated at 1.25% per quarter using an average daily balance, equaling 5%. For example, if you have $25,000 saved, then at the end of the year, assuming no change in asset value, you will receive 1,250 Tuition Rewards points. After you have created your account, reporting information specific to PFCU is shown on your account home page in the section titled "Tuition Rewards Reporting Information". Typically, Tuition Rewards are earned by the sponsor (the parent, grandparent, etc.) and accrued in the sponsor's account. The sponsor must, by August 31 between a student's junior and senior years in high school, transfer (assign) some or all Tuition Rewards Points to a listed student for those points to be available for use.

All savings accounts are eligible, including all Savings and Checking products, Money Market, Savings Certificates, Health Savings, CU Succeed and Moola Moola accounts.

You can use Tuition Rewards Points when and if the students you sponsor in the Tuition Rewards Program attend one of the participating colleges or universities. A Tuition Rewards Statement must be submitted electronically to a member school at the time of a student's application to the school. Tuition Rewards Points represent the minimum scholarship that a student will receive from a member school.

There are three important deadlines:

• Adding students to SAGE
• Allocating rewards to students
• Submitting Tuition Rewards statements to member schools

You can sponsor children, grandchildren, nieces, nephews and other family members (including godchildren) to use your Tuition Rewards Points.

Yes. All students must be sponsored in the Tuition Rewards Program prior to August 31 of the year that the student begins 11th grade. The reason for the cutoff is that participating schools are given at least two years to recruit each student in the program.

Eligibility begins at birth.

No, it is up to you to decide how you want to give your Tuition Rewards to the students you sponsor. You simply must allocate Tuition Rewards to a student by August 31 one year prior to high school graduation (typically between the student's junior and senior years in high school).

You need to submit a statement of your student's Tuition Rewards at the time of the student's application to any participating school. You can do this by accessing Online Banking and clicking on the "Account Statement" page under the Tuition Rewards link.

Tuition Rewards can only be used by the children, grandchildren, nieces and nephews you sponsor in the program. You cannot give unused Tuition Rewards to another parent or organization. Even if you don't use your Tuition Rewards Points you haven't lost anything - Tuition Rewards is a free program for families.

Tuition Rewards can only be used by the children, grandchildren, nieces and nephews you sponsor in the program. You cannot give unused Tuition Rewards to another parent or organization. Even if you don't use your Tuition Rewards Points you haven't lost anything - Tuition Rewards is a free program for families.

The Tuition Rewards Program is a free program for families.

No, each school's normal admission's standards still apply.

Yes. The purpose of the Tuition Rewards Program is to ensure that the sponsored student receives a scholarship at least equal to the size of his/her Tuition Rewards.

Tuition Rewards represent the minimum scholarship, spread evenly over four years, a student will receive if and when he/she attends a participating school. If a student receives another scholarship from a SAGE member school, then the school can choose to "blend" (make one and the same) or "stack" (add on top) the Tuition Rewards with the other scholarship.

The amount of Tuition Rewards that a school accepts varies from school to school. However, the most Tuition Rewards that a student can use would be up to one full year's tuition. To see the amount of Tuition Rewards that each school will accept, you must first sign in to your account.

Historically, colleges began offering financial aid on a need-only basis. But lately, as college costs have soared, financially-squeezed families have been asked to contribute more and more, tapping hard-earned assets and taking educational loans. Many schools now use financial aid as a method to attract quality students from middle and higher-income families. This aid is being offered as tuition reductions–that is, aid not based strictly on financial need. Knowing this, SAGE has negotiated with member colleges to automatically present a financial reward to families who save for college.

They want to attract more students, or better students, or both. And, they're eager to attract qualified students who might not be familiar with their college. Colleges know that the direct costs (professors, teaching materials, etc.) for additional students are less than the full tuition for those students. So, by guaranteeing you a discount off of tuition based on the dollars you've saved–as long as colleges cover their direct costs–they come out ahead. The participating colleges understand that they need to remain affordable, and they're eager to reward families who are truly saving for college.

No, just tuition.

No, Tuition Rewards can only be used for full-time, undergraduate education.

No. Funds used to earn Tuition Rewards do not need to be used to pay for college. It's always your choice how to finance their child's (or grandchild's) education.

No. Tuition Rewards are Points, and are never awarded in cash.

They stop accumulating Tuition Rewards, but the points that they've already earned are always available.

Keeping checking the list. By the time the child is ready to apply to college, additional schools of interest are very likely to be part of the program. Second, it doesn't cost you anything to participate in the Tuition Rewards Program, regardless of where the child goes to college.

Yes. As more colleges join, the tuition reward is applied to these schools too.

No. That's because with a scholarship or other form of reduced tuition, you are not receiving money. You're paying less for college.

The catch is that SAGE member schools get to recruit the sponsored students once the students enter 9th grade. So, your children will get mail from the participating colleges and universities once they begin high school.

Log in to Online Banking and click on the Tuition Rewards link.