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Through participating financial affiliates (529 Plans, banks, credit unions, employers, healthcare providers, insurance companies, etc.), families enroll in Tuition Rewards® and earn points that are similar to frequent flyer miles. 1 point = $1.00. The points can be redeemed for guaranteed minimum discounts off the "list price" of tuition at a consortium of participating four-year private colleges and universities from Maine to Hawaii - for undergraduate study, starting with the freshman year. Rewards points must be submitted at time of application during the HS senior year. Rewards points valued at $45.1 million were submitted by HS seniors who graduated in June 2015. SAGE Scholars was founded in 1995 and now has more than 250,000 active students in the database. Colleges participate because they gain recruiting access to students once they reach 9th grade - which typically means receiving mail (or email) a few months earlier than otherwise. The program is limited to private colleges which provide "merit aid" - financial aid not based on "need". Colleges may include rewards points with their normal aid package. Rewards are not provided in cash.