What are Tuition Reward Points provided by ACES?
Tuition Rewards, provided by ACES, is a unique private college savings program. Tuition Reward Points are like frequent flyer miles-but for college tuition!Tuition Rewards are discounts off tuition at participating private colleges and universities (340 as of February 2015). The Tuition Reward Points represent the minimum scholarship that an eligible student will receive if and when he or she attends a member school. Schools may count Tuition Rewards as part of their normal institutional and merit scholarships.
For example, if a student has 10,000 Tuition Reward Points, he or she is guaranteed to receive a minimumscholarship of $10,000 (spread equally over four years) at a member school.
Sponsors-the Account Holders
Throughout our website and documentation we frequently use the term "Sponsor". A "Sponsor" is typically the parent, grandparent, aunt or uncle who is the owner of the Tuition Rewards account that is earning Tuition Rewards. Sponsors are required to register on our website to be able to track and utilize the Tuition Reward Points. Sponsors are responsible for adding students (beneficiaries) to their Tuition Rewards account, assigning Tuition Reward Points to their students, and submitting Tuition Reward Points to member colleges and universities.
Earning Tuition Reward Points
Typically, you will earn Tuition Rewards by being a member or a participant of an organization (i.e. club, team, camp, school, etc.) that is partnered with ACES to provide Tuition Rewards as a member/participant benefit. Other ways to earn Tuition Rewards may include saving or investing with GameChangers Planning Network, or by being an employee of a company that is partnered with us to provide Tuition Rewards as an employee benefit.
Using Tuition Reward Points
Each Tuition Rewards Point equals one dollar in guaranteed scholarships at a member school. If a student receives 10,000 Tuition Reward Points he or she is guaranteed to receive scholarships and other discounts of at least $10,000, spread evenly over four years ($2,500 per year). Tuition Reward Points are typically earned by the "Sponsor" (parent, grandparent etc.) and credited to the Sponsor's Tuition Rewards account. It is up to the Sponsor to assign some or all of their Tuition Reward Points to students listed on their account. Tuition Reward Points must be assigned to a student by August 31st between the student's junior and senior years in high school (August 31st of the year prior to high school graduation). After that date, a student's Tuition Rewards account value can not be changed
When a participating student applies to a participating school, thestudent's Sponsor needs to submit the student's Tuition Rewards statement to that school. This is done by the sponsor by logging in to your designated partner/affiliate website and going to the "Account Statement" page. Tuition Rewards Statements must be submitted to member colleges and universities at the time of application. Statements submitted after an institution has prepared a financial aid package for the student may invalidate the Tuition Rewards.
The use of Tuition Rewards is limited to full-time, undergraduate tuition at participating colleges.Tuition Rewards are remitted solely as a reduction to the participating college's full tuition bill--and NOT awarded in cash. Colleges reserve the right to use the tuition reduction as part of, or separate from, any financial aid packages. Member schools are not required to accept Tuition Rewards on transfer students.
If a student does not use his/herTuition Reduction Reward--for example, if the student selects a non- participating college--the reward can be rolled back into the sponsors Tuition Rewards account or transferred to a different eligible student. Students have three years from the date of high school graduation to begin use of the Tuition Rewards. All Tuition Rewards assigned to a student will expire three years past that student's listeddate of high school graduation.
If a student enrolls in a college that is not participating in this program--but subsequently decides to participate--the college is under no obligation to honor his or her Tuition Rewards.
If any college should decide to discontinue participation in this program, it has agreed to honor rewards accumulated for any student prior to the last day of the college's participation.
The maximum discount from Tuition Rewards that a student can receive is 25% of the cost of tuition at a member college or university. Through an ACES Nation membership, the current maximumis 3,000 Tuition Rewards Points per calendar year and 20,000 lifetime maximum. The Tuition Reward must be applied evenly over the years of undergraduate education (four years). If the student completes undergraduate education in other than four years, it is up to the participating college to determine how the tuition reduction will be applied per year.
For student specific rewards (such as the Pennsylvania 529 College Savings Program), students will not earnTuition Rewards after age 17, or after August 31st of the year prior to high school graduation-whichever comes first.
Students are eligible to be added to the Tuition Rewards Program from birth until the beginning of their junior year in high school (August 31st between the sophomore and junior years in high school is the cut-off date for new accounts). Students whose accounts were set up prior to their junior year in high school will be able to continue accumulating Tuition Rewards Points through their junior year.
College Admission & Transfers
Our college list keeps growing, giving your child a larger number of schools to choose from. Rewards can only be used at participating colleges.Students do NOT need to pick a particular college now --that's one beauty of this program. Students must apply and be accepted through a participating colleges' normal admissions procedures to qualify for the reward. An ACES Nation membership is not considered in the admissions process.
If students transfer from one participating college to another, the college accepting the student has the right to decide whether it will honor any unused Tuition Rewards.
If your child is a participating member,but does not attend a participating college, you may have to pay "list price" for a college education. Being part of our unique college savings program will put you closer to meeting your financial goals. In all ways, this program will help you save for college!