Upromise Inc., an online company that aims to help families save for college, today announced the launch of the Upromise Mortgage program with Awards for Mortgage & Real Estate.

Through this new program, members now can earn 0.25 percent of their total home loan amount at closing in Upromise ScholarDollars when they finance, refinance or secure a Home Equity Line of Credit. Members can select from four of the nation’s leading mortgage lenders: CitiMortgage, a member of Citigroup; Chase Home Finance (the mortgage division of JPMorgan Chase & Co.); Washington Mutual Inc.; and Wachovia Mortgage Corporation’s Corporate Mortgage Services Division. Each Upromise ScholarDollar is equivalent to one U.S. dollar in a Upromise account.

“With the help of the Upromise Mortgage program, one of the largest financial decisions a family can make can now contribute to perhaps the most important family investment – a college education for their children,” said Michael Libenson, vice president, Partner Services for Upromise.

The Upromise Mortgage program is simple for members to use. To qualify, members select the mortgage lender they prefer to work with and then they must submit their home loan application either online at www.upromise.com/mortgage or by phone at 1-888-800-8007. After the loan closes, members automatically receive their college savings.

Upromise is a privately funded service that aims to help families save for college when they make purchases at more than 18,000 grocery and drug stores, 15,000 gas stations, 9,000 restaurants and 7,000 hotel locations nationwide, as well as tens of thousands of retail stores and 200 online shopping sites. Upromise’s contributing companies include America Online, Citi, Coca-Cola, Exxon Mobil Corp., Kellogg Co., Kimberly-Clark, McDonald’s, The Sharper Image and hundreds of others.

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