Guaranteed Rate announces program to help borrowers save for college

by Ryan Smith09 Sep 2019

Guaranteed Rate has announced that it has entered into a partnership with CollegeSave, a program that features a scholarship platform that enables families to save for college for their children, grandchildren or extended relatives without an investment by the families.

Under the program, loan originators can opt in to offer the closing gift of college savings by giving their borrowers the chance to sign up with CollegeSave. The program is free to borrowers.

Borrowers receive an initial 1,000 Tuition Rewards Points worth $1,000 in college tuition discounts when they complete an application for pre-approval. When their loan funds, they will receive 250 more points, good for $250 in tuition discounts, every month for the next five years. This allows families to potentially save up for one full year of tuition at more than 400 participating private colleges in the United States. CollegeSave members also receive additional benefits to help them save for college, according to Guaranteed Rate.

“At Guaranteed Rate, helping people is first and foremost,” said founder and CEO Victor Ciardelli. “With CollegeSave, we’re helping people with the biggest purchase of their lives – a home – and helping offset one of life’s most important investments – college. And that means a lot to us.”

CollegeSave benefits are transferable to any family member and are available to any borrower who completes a loan application and has a loan funded with Guaranteed Rate.

“After a home purchase, saving for college is usually the most significant investment families make in their futures,” said CollegeSave founder and CEO Gary Serota. “We’re delighted to partner with Guaranteed Rate to help families reduce the need to borrow for college and afford the American Dream – owning their own homes and affording college for the children in their families.”