It's true. Offering Colonial Life can help pay for college
Included with your Colonial offerings is The College Tuition Benefit. As the cost of college continues to rise faster than inflation and medical costs1, Colonial is helping families keep up by providing this benefit in arrangement with SAGE College Tuition Benefit.
- Employees who meet with Colonial earn Tuition Rewards, and ongoing annual rewards based on the plan selected by their employer.
- One Tuition Reward point = $1 in guaranteed minimum tuition reduction.
- Tuition Rewards can be used at nearly 400 colleges and universities. 80% of the colleges are ranked among "America's Best" by US News and World Report in 2016.
- Members can share the benefit with eligible relatives, including children, nieces, nephews, step-children and grandchildren, subject to certain restrictions.
- Colleges participate as a way to boost their student recruitment.
| Age | Retirement Account Balance | 5% Reward | CTB Scholarship Balance Balance does not accrue interest |
|---|---|---|---|
| Reward for registering a child | 500 | ||
| 12 | $50,000 | 2,500 | 3,000 |
| 13 | $55,500 | 2,775 | 5,775 |
| 14 | $61,385 | 3,069 | 8,844 |
| 15 | $67,682 | 3,384 | 12,228 |
| 16 | $74,420 | 3,721 | 15,949 |
| 17 | $81,629 | 4,081 | 20,030 |
| If the child attends a participating SAGE Scholars network college the published full price of tuition will be reduced by at least $20,030 spread evenly over four years of undergraduate education. |
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| NOTE: This is an example only. There is no limit to the amount of Tuition Rewards Points an eligible employee can receive. |
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Footnote: 1 US Census Bureau
