S1L Launches College Tuition Program for Reverse Mortgage Borrowers

Security 1 Lending has announced the launch of a new partnership that will allow its reverse mortgage borrowers to help in paying for their grandchildren’s college tuition needs.

The “Legacy Tuition Program” is the product of S1L’s partnership with SAGE Scholars, the largest private college savings program in America. The program will enable S1L clients to give the gift of a college scholarship of up to $10,000 in tuition credits for each grandchild at one of more than 300 participating institutions. 

“Security 1 Lending is enhancing the ability of our clients to leave a meaningful legacy by contributing towards their grandchildren’s college education,” stated Alex Pistone, senior vice president for S1L, in a release. “I cannot think of a better gift for a grandparent to give and I am proud that we are able to offer this benefit to all of our valued clients.”

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The program will be honored by 313 participating private colleges and universities in 45 states. There are currently more than 280,000 participating students in SAGE Scholars, with participating seniors of the high school class of 2013 having utilized $27.2 million in tuition rewards.

“We at SAGE Scholars realize that college funding is becoming an intergenerational function, and we found S1L’s values and emphasis upon a holistic approach to Seniors’ financial priorities perfectly aligned with our interests,” said Dr. James Johnston, president of SAGE Scholars and former head of Wharton Business School, in a press release. “We believe that by working with S1L we can provide a solution to Seniors’ concerns for their grandchildren.” 

Participating NCAA “Division One” colleges include Bradley University, Butler University, Creighton University, Drexel University, DePaul University, Duquesne University, La Salle University, St. Bonaventure University, University of Dayton, University of Evansville, University of San Diego and Valparaiso University. 

The program is also welcome at schools grounded on engineering, science and technology, such as Clarkson University, Embry-Riddle Aeronautical University, Florida Institute of Technology, Rensselaer Polytechnic Institute, Rochester Institute of Technology and Worcester Polytechnic Institute.

Written by Jason Oliva

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  • It is interesting how few well recognized universities participate in the program. While the partnership is interesting, such funding is a reason why some seniors do not have the funds they need during the latter years of retirement. Let us hope that lenders that align themselves with this educational objective also mandate that their originators emphasize the need of retirement planning when this is being offered and that those who participate can afford to expend the funds in such programs.

    Beyond the concern for the impact of the gift on donors, could such gifting become a problem if the recipient chooses to attend another university or not to attend a university at all? Is this yet another way in which the reputation of the industry could be damaged despite its wonderful objectives and no compensation to the lender or originator?

    While all of the issues were most likely considered, there is no reflection of that in this article. The article is more press release than evaluation of the benefits and drawbacks of such affiliations.

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