I had heard of these Gift of College cards from FM a while back. I read through the post, but didn’t think much of it since I didn’t have a college loan or a 529 plan. Well it turns out that once again, if you think out of the box, there was a way to liquidate these without any of those plans. The secret – a Upromise Goalsaver account. You essentially send the money from the GOC to the Goalsaver account, which you can then withdraw to yourself (or the like, but I don’t have first hand experience with this.) By the time I was ready to lock and load on this, when the $500 GoC’s appeared online last month, the GOC web site actually removed the Upgromise Goalsaver as an option. At the time, if you had already set it up, you were still grandfathered into it. Well it appears they sent out this memo last week:
As of 8/8/17, we will no longer be accepting gifts towards Sallie Mae’s Upromise GoalSaver or High Yield Savings accounts.
Gift of College will only be working with 529 plans and student loan accounts.
If you have any gift cards that you would like to redeem towards one of these accounts, please redeem them by 11:59pm (MST) on 8/8/17.
Thank you for being a GiftofCollege.com Member!
Even when you think you aren’t qualified for a deal, you should try it anyway just in case.