A state program that helps you to save money for your kid’s college expenses is offering more ways to earn college bucks. College Savings Iowa has joined with an organization called Upromise that will pay cash back to your college savings account if you buy stuff. Upromise president James Fadule says there are over 200 designated stores and restaurants in the program. He says they have everyone from McDonald’s, to A-O-L to Exon Mobile, to Citibank which offers a card that gives you one-percent back on your purchases, as well as several restaurants. Fadule says you can make the purchases using a Upromise credit card, or by registering your existing credit cards. Fadule cites the Eddie Bauer clothing stores as an example of how the program works. He says they’ve signed up so you can go in the store, or buy on-line and get three-percent back from your purchases. He says Eddie Bauer signed up as a way to get you to buy their products, and you get the benefit of the cash back contribution to College Savings Iowa. Fadule says sign up for you promise is free. And he says you can get other family members involved. He says one of the benefits allows friends, family and grandparents to sign up and designate your child as the recipient, so the money back from their purchases goes into your child’s account. State Treasurer Michael Fitzgerald oversees the College Savings Iowa program. Fitzgerald says you get a tax break from the money you put into C-S-I. He says you can deduct up to two-thousand-290 dollars from each C-S-I account, and you can have multiple accounts if you have more than one child. Fitzgerald says the tax deduction is an added benefit of the Upromise portion of the program. He says the money contributed to the account through Upromise can also be deducted from your Iowa taxes. For information on signing up for College Savings Iowa and the Upromise program — surf to collegesavingsiowa.com.
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