Tuition Rewards Terms and Conditions

(1) Terms and Conditions
This SAGE Scholars, Inc. ("SAGE Scholars") Tuition Rewards Member Agreement contains details about the relationship between you and SAGE Scholars relating to the Tuition Rewards program (the "Program"). You must accept the terms of this Sponsor Agreement in order to participate in the Program. By enrolling as a Tuition Rewards sponsor, you agree to these terms and conditions, as may be amended from time to time. These terms and conditions, as well as other information on the Program, including the listing of SAGE member schools and the maximum tuition discount honored by each member school, can be obtained online at www.tuitionrewards.com. If you do not agree to all of the terms of this Agreement, then do not complete the enrollment process.

(2) Eligibility for the Tuition Rewards
Multiple account holders ("sponsors") from the family (e.g., parents, grandparents, and other family members, etc.) may earn Tuition Rewards to benefit one or more designated children. Tuition Rewards are limited to full-time undergraduate tuition at member colleges beginning with the freshman year. Students are eligible to be enrolled and designated as a student beneficiary of a sponsor from birth until August 31st of the year that 11th grade starts.

The student ("beneficiary") must be a family member of the account holder. This includes children, grandchildren, nieces and nephews (including "step" and "god" relations).

Sponsorship of one or more students by a group or organization is not permitted.

(3) Calculation of Rewards
The Tuition Reward is typically calculated by multiplying designated account balances by 5% annually (or 2.5% semi-annually or 1.25% quarterly, unless otherwise specified). For example, an annual account balance of $20,000 over six years would earn 1,000 Tuition Rewards Points per year, for a total Tuition Reward of 6,000 points (assuming no change in the net asset value ($20,000) of the eligible investment). In some instances, the Tuition Reward may be assigned a fixed value not based on an asset, or a fixed growth rate based on the original asset value. The maximum Tuition Reward per student varies by school, but is typically one full year of tuition - or as contractually agreed. Colleges may include Tuition Rewards as part of their normal financial aid and scholarship packages. There is no limit on the amount of Tuition Reward points that a Sponsor (parent, grandparent, aunt/uncle) can earn.

(3.1) Tracking of Rewards - Pennsylvania 529 College Savings Program Participants
Tuition Rewards are accumulated on a quarterly basis - (i.e., new points earned are added to the previous balance). The Tuition Reward Points are added directly to a student-specific account in our system. No Tuition Reward Points will be earned after either (a) the quarter ending June 30th between the student's junior and senior years in high school, or (b) after the student's 17th birthday, whichever comes first.

(3.2) Tracking of Rewards - Asset Based Sources
Tuition Reward Points are typically accumulated on a quarterly, semi-annual or annual basis - (i.e., new points earned are added to the previous balance). The Tuition Rewards are accumulated in the Sponsor's account, and it is up to the account holder ("the sponsor") to determine how to allocate his or her points to the listed student beneficiaries. No points can be allocated to a student beneficiary after August 31st of the year that 12th grade begins.

(3.3) Tracking of Rewards - Non-Asset Based Sources
Tuition Rewards generated by an account holder's participation in a non-asset based program are typically accumulated on an annual basis. The calculation methods and amounts (if fixed amounts) vary between financial partners of SAGE. Please consult the documentation or literature specific to your program for specific information.

(4) Redemption of Rewards
The account holder ("the sponsor") must, at the time of the application to the school, submit a Tuition Reward statement to each member college to which a student beneficiary applies. Failure to submit the Tuition Reward Statement at the time of application may invalidate the use of the Tuition Rewards. The Tuition Reward Statement must be submitted electronically by the means provided on www.tuitionrewards.com. No other method will be accepted. The sponsor may submit multiple Tuition Reward statements with each application, as long as the student is applying to the school.

(5) Use of Rewards
The Tuition Rewards will be remitted solely as a reduction from the member college's full tuition bill and will not be awarded in cash. Assets used to establish Tuition Rewards need not be used to finance beneficiaries' college costs.

Member colleges reserve the right to use the Tuition Reward as a part of ("blending"), or separate from ("stacking"), any financial aid packages, including, but not limited to, grants, institutional discounts, institutional or non-institutional scholarships, or "named" scholarships (such as a "Presidential Scholarship").

The Tuition Reward must be applied evenly over four years of undergraduate education. If a student completes undergraduate education in other than 4 years, it is up to the college to determine how the reductions will be applied per year. Tuition Reward points are calculated independently and are not part of the total returns on eligible fund balances.

Member colleges reserve the right to impose reasonable academic performance guidelines or other restrictions on the use of Tuition Rewards consistent with those that may be in effect to maintain scholarships, grants and/or other institutional or non-institutional financial aid.

All colleges participating in the program, including colleges newly added in the future and those that may discontinue participation, have agreed to honor Tuition Rewards of all students enrolled in the program as long as the students were in the program at some point concurrent with the colleges' participation. If a school discontinues participation, it agrees to honor points earned until the discontinuation date.

No SAGE college has ever failed to honor its commitment to provide a non-need based tuition discount at least equal to its Tuition Rewards obligation. In the unlikely event that a school participating in the Tuition Rewards program does not honor its contractual obligation to a student sponsored in SAGE by offering a scholarship at least equal to the student's Tuition Rewards, SAGE will negotiate that student's financial aid package with the school on behalf of the student and his/her family, provided that the family submitted the student's statement of Tuition Rewards to the school as described in these Terms and Conditions.

(6) Reporting of Tuition Rewards and Information
Sponsors will have access to their Tuition Rewards via a protected web-based internet site provided by SAGE Scholars. SAGE Scholars will also provide member schools with access to the accumulated Tuition Rewards for all students in 9th grade and older in the Program.

(7) College Information, Admission and Transfers
Students must apply to and be accepted through a college's normal admissions procedures to qualify for Tuition Rewards at a member college. Eligibility for a Tuition Reward neither helps nor hurts in the admissions process. If a student transfers from a participating or non-participating college to a participating college, the college accepting the student has the right to decide whether it will honor the remaining Tuition Reward points. Students need not select a college for Tuition Rewards prior to college application.

(8) Expiration of Rewards
Student-specific Tuition Rewards, or Tuition Rewards that have been allocated to a student by an account holder, if unused by the student, will expire three years after that student's date of high school graduation. However, a sponsor can request that non-student-specific reward points be returned to the sponsor account within that time frame. From there they can then be transferred to a younger eligible student.

(9) Transfer of Rewards
Sponsors are free to transfer points to and from listed students until August 31st at the start of a student's senior year in high school. After that date, the student's account is locked. If a student matriculates to a non-participating school, the sponsor may request that the Tuition Reward points allocated to that student be moved to another eligible student listed on the sponsor's account. Proof of matriculation to a non-participating school may be requested.

However, student-specific points (i.e., Tuition Reward points awarded directly to a student by a financial partner other than a 529 Plan) cannot be transferred to another student or to an account holder's account.

(10) Bonus Points
Student-specific bonus points (i.e., points awarded directly to a student by a financial partner that are not based on an asset with that partner) cannot be transferred to another student or to a sponsor's account. The maximum amount of bonus points that any one student may use towards tuition reduction is 1,000 points.

Sponsors may only receive registration bonus points from one source. In the event that a sponsor has multiple sources (SAGE Partners) of Tuition Rewards, and those partners have different registration bonus amounts, only the highest value registration bonus shall be credited to the sponsor's account.

The deliberate creation of multiple "sponsor" accounts for the sole purpose of earning additional Tuition Rewards registration bonuses is strictly prohibited. Any Tuition Rewards program participant found to have registered multiple times may, at SAGE's discretion, have their account(s) canceled, participation in the Tuition Rewards program voided and lose the balance of any and all Tuition Rewards earned by that participant and/or any designated students.

(11) New School Membership
In the event that a student whom you sponsor in the Program is already attending or has already applied to a college or university that, at the student's time of application, is not a member of the Program, but which later joins the Tuition Rewards consortium, that school is under no obligation to alter existing financial aid awards to reduce tuition by the amount of any Tuition Rewards points associated with matriculated or applied students.

(12) Access to Information and Privacy
Member schools will have access to the following student information, provided by you to SAGE Scholars, when a student begins his or her freshman year in high school: Name, mailing address, phone number, date of birth, high school graduation date, e-mail address (if provided by sponsor), any optional information as provided by the sponsor (GPA, SAT, ACT, etc.) and the total allocated or student-specific Tuition Reward points.

As specified in the SAGE privacy policy, member schools will NOT have access to any sponsor information, including the name of the asset owner, the asset balances or the type of asset that is the source of Tuition Reward points.

Financial affiliates may request certain reports from SAGE on their account holders/members who have registered for Tuition Rewards. Information requested may include information on students linked to your account who are in 9th grade or older. With the exception of the Tuition Rewards QuickStart Program (see below), account holder information is not shared between active financial partners.

The Tuition Rewards QuickStart Program may make sponsor registration information (name, address, phone and e-mail address, as well as any optional information provided) to both member colleges and universities. Sponsor (not student) information may also be shared with current SAGE Tuition Rewards financial partners.

(13) E-mails We Send
You may opt out of certain e-mail announcements, including updates on new member schools and financial partners. However, to remain enrolled in the Program, you may not opt out of receiving e-mails that pertain to your account balance and important reminders, such as deadlines to submit Tuition Rewards to member schools.

It is the sole responsibility of the account holder to verify that he or she can receive e-mails from SAGE Scholars - and to maintain an accurate and working e-mail address in our system. Furthermore, SAGE Scholars, Inc. is not responsible for any junk e-mail, SPAM filtering or other e-mail filtering you or your e-mail provider may have in place. For help with e-mail filtering, including information on how to add sagescholars.com and tuitionrewards.com as an approved e-mail sender to your account, please consult your e-mail documentation or contact your e-mail provider.

(14) Responsibilities
Member colleges are exclusively responsible for providing all Tuition Rewards. Member colleges may individually impose reasonable rules and regulations, neither substantially inconsistent with this application, nor with the individual colleges' normal conditions imposed upon their institutional financial aid award, governing the use of Tuition Rewards. Colleges have the right to impose reasonable academic performance guidelines or other restrictions on participating students in regards to the continuation of the original financial aid award, of which SAGE Tuition Rewards may be a part of.

Sponsors who choose to earn Tuition Rewards points based on eligible accounts opened at participating financial institutions ("Investment Accounts"), invest in Investment Accounts solely at their own risk. Sponsors invest solely at their own risk and must determine for themselves the suitability of those financial vehicles. SAGE Scholars does not give advice or offer any opinion or recommendation on the suitability of any security or investment strategy. Neither the member schools nor SAGE Scholars, Inc. are security underwriters or brokers and bear no responsibility whatsoever for the success or failure of investments designated in accordance with the Program.

By enrolling in the Program, sponsors are authorizing and directing one or more of our SAGE financial partners to provide SAGE Scholars with information regarding the amount of SAGE Scholars Tuition Rewards points to which they are entitled.

Each sponsor enrolling in the Program, both on his/her own behalf and on behalf of each designated student as a third-party beneficiary, hereby acknowledges and agrees that SAGE Scholars, its financial partners, and any of its affiliates, subcontractors, and any officers, directors, employees, or agents of these entities (collectively "partners") have no responsibility or liability whatsoever for any Tuition Reward provided pursuant to the Program, and further agrees to hold harmless SAGE Scholars and its financial partners ("partners"), in the event of the failure of any member school(s) to provide a Tuition Reward.

By enrolling in the Program you agree to be legally bound by the terms and conditions of the Program. Furthermore, you certify that the information you provided to SAGE is true and correct to the best of your knowledge.

Tuition Rewards may be cancelled for those account holders who do not provide updated fund balances as required.

(15) SAGE Scholars Disclaimer
SAGE Scholars makes available the information and services contained herein in furtherance of SAGE's goal to inform and educate. While SAGE Scholars makes every effort to present accurate and reliable information on this web site, SAGE does not endorse, approve or certify such information, nor does SAGE guarantee the accuracy, completeness, efficacy or timeliness of such information.

SAGE Scholars does not endorse, approve, certify, or control the external sites to which it links and does not guarantee the accuracy, completeness, efficacy or timeliness of information located at such sites.

SAGE Scholars assumes no responsibility for consequences resulting from use of the information contained herein, or from use of the information obtained at linked sites, or in any respect for the content of such information. SAGE Scholars is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, reliance on, or performance of such information.

As a Sponsor, you acknowledge and agree that neither SAGE Scholars nor its member colleges have any responsibility or liability for your investments that are earning Tuition Reward points, and you agree to hold harmless SAGE and its colleges for liabilities or losses, if any.

SAGE Scholars does not offer accounting, tax, legal, investment or other financial advice, and nothing contained in the service is intended to constitute professional advice for any financial decisions. Advice received via SAGE Scholars should not be relied upon for legal, tax, accounting, investment or other financial decisions. You should always seek the advice of a lawyer, accountant, financial planner or other qualified financial provider prior to making any financial decisions.