The Harleysville Savings Bank Tuition Rewards program is a unique reward program that lets you earn rewards points for a student's college or university education, based on your Harleysville Savings Bank assets. Every dollar you deposit into a Harleysville Savings Bank account earns you "points" in your Tuition Rewards account.Your rewards are calculated semiannually and equal to 5% of the annual value of your Harleysville Savings Bank assets. As your Harleysville Savings Bank deposits grow, so do your Tuition Rewards scholarship points - a discount of up to one full year's tuition per student. Plus, you automatically receive a 1,000-point Tuition Rewards bonus ($1,000 value) upon enrolling in the program.
Tuition Rewards Eligibility
All Harleysville Savings Bank deposit account holders can enroll their children, grandchildren, nieces and nephews in the Tuition Rewards program. All children between birth and prior to Aug. 31 of the year that 11th grade begins are eligible for enrollment. (Note: If your deposit account and/or accounts are jointly owned, the Tuition Rewards account must be set up by the tax owner of the deposit account.)
Using Your Tuition Rewards
Tuition Rewards are scholarship points - not hard cash - and represent the minimum scholarship that a member school will give. Participating private colleges and universities nationwide provide the Tuition Rewards as a discount off the price of full tuition. When the student or students you choose to sponsor are ready for college, their accumulated Tuition Rewards are, in effect, subtracted from the full amount of tuition that they must pay. The full amount in a student's Tuition Rewards account is distributed evenly over the course of four years of undergraduate study, beginning with the freshman year. And, since Harleysville Savings Bank Tuition Rewards are not actual dollars, the program does not affect a family's Expected Family Contribution (EFC), a variable measurement used to determine a family's eligibility for financial aid and need-based scholarships.
Q. Is there a cost to join the Harleysville Savings Bank Tuition Rewards program?
A. No. As a Harleysville Savings Bank deposit account holder, you are not only eligible to enroll in the Tuition Rewards program, but you also earn a Tuition Rewards bonus credit worth $1,000 upon enrollment.
Q. How are Tuition Rewards calculated?
A. Your Tuition Rewards scholarship credits are calculated twice a year as 2.5% (5% annually) of the balance of your savings, checking and certificate of deposit accounts. For example, if you have $10,000 in your savings account throughout the year, then you will earn Tuition Rewards credits worth $500 for the student(s) whom you sponsor.
Q. Are Tuition Rewards added to my Harleysville Savings Bank accounts?
A. No. Tuition Rewards are not actual dollars. Tuition Rewards are similar to frequent flier miles, and they accrue only in your Tuition Rewards account at www.tuitionrewards.com.
Q. What happens if I close my Harleysville Savings Bank accounts?
A. Tuition Rewards will cease accumulating, but the rewards you've already earned will remain.
Q. Why do participating private colleges and universities give "scholarships" to those enrolled in the Tuition Rewards program?
A. Participating colleges and universities are eager to attract qualified students who might not be familiar with their institutions. These colleges and universities understand that to remain affordable, they must reward families who conscientiously save and prepare for their children's educations.
Q. Is my child guaranteed admission at the participating colleges and universities?
A. No. Each school's normal admission standards apply.
Q. Can my child still receive financial aid if also sponsored in the Tuition Rewards program?
A. Yes. Financial aid should be discussed with your financial adviser, high school guidance counselor or intended college or university. Participating colleges may use Tuition Rewards as part of, or separate from, their normal financial aid packages. Remember, Tuition Rewards represent the minimum scholarship that a participating school will offer.
Q. When my child attends college, must I use my earned Tuition Rewards?
A. No. You decide exactly how to finance your child's education.
Q. What if my favorite college is not on the list?
A. More colleges are being added all the time. Your favorite may be on the list by the time you are ready to select a school. For a complete list of the currently participating colleges and universities, visit www.tuitionrewards.com and click on "participating schools."
Q. Can other family members help?
A. Yes. Grandparents, aunts, uncles or any family members can be sponsors. One child can be sponsored by many members, earning up to a maximum award of one full year's tuition. One sponsor may also earn Tuition Rewards for multiple children.
Q. What if I sponsor more than one student?
A. Your Tuition Rewards scholarship credits can be used by any of your beneficiaries. You simply designate Tuition Rewards to students when they complete the 11th grade. If one student does not use all of the designated Tuition Rewards, the credits can be rolled over to another of your beneficiaries.
Q. What happens if a customer who has tuition rewards dies?
A. The rewards will remain in the sponsor account until claimed by a family member. Once claimed the new sponsor can transfer the points to the beneficiaries.
Q. Are tuition rewards available for business and consumer accounts?
A. Tuition rewards are only available for consumer accounts.
Q. What else should I know?
A. The Harleysville Savings Bank Tuition Rewards program is for private colleges and universities, not public (state) schools. The program funds undergraduate - not graduate - education. The program does not limit choice of majors or fields of study.