Frequently Asked Questions

Here you'll find answers to the most frequently asked questions about Tuition Rewards . . . only from First Midwest Bank. 

Is it really free to join First Midwest Tuition Rewards?

Yes. There is absolutely no cost to join the program.

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Can other family members participate in earning Tuition Rewards points?

Yes. We encourage parents, grandparents, stepparents, siblings, aunts and uncles, to all join the First Midwest Bank Tuition Rewards program and help earn even more tuition discounts.

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Can my child still receive financial aid as a member of the Tuition Rewards program?

Yes. Be sure to discuss financial aid with your financial advisor, high school guidance counselor or prospective college or university. Participating colleges may use Tuition Rewards as part of their standard financial aid packages.

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What happens to my Tuition Rewards points if I close my First Midwest accounts?

You would stop accumulating new Tuition Rewards on closed accounts, but the rewards you’ve already earned will remain in your Tuition Rewards account for your use.

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Can I sponsor more than one child?

Yes, you can register as many eligible family members as you like.

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How much is one Tuition Rewards point worth?

One point is equal to $1 of tuition savings.

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Are Tuition Rewards tax-free?

Yes, since Tuition Rewards are not actual dollars, but tuition discounts, you are not receiving any income (or money) so they are not taxable.

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What schools participate in Tuition Rewards?

Click here to view a complete list of participating private colleges and universities.

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How do the schools know I have Tuition Rewards when my student applies for admission?

When the student applies for admission to a participating school, you will submit the student’s Tuition Rewards statement to that school. The Tuition Rewards statement will show the amount of points (some or all of your earned points) that you are assigning to that student. You do this by logging in to your account and going to the “Account Statement” page. If multiple family members have earned Tuition Rewards for the same student, then each person will need to submit their statement to the school.

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Will I lose points as my balances fluctuate?

While you may earn fewer points in some calendar years based on lower account balances, once a point is earned, it can’t be lost.

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When my child attends college, do I have to use my Tuition Rewards points?

Deciding when to use your points and who to use them for is completely up to you.

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How do costs of public and private college tuition compare?

Here are some average costs that show the price of college education before applying your Tuition Rewards points.

Public vs. Private College Education Cost Comparison

 

Public 

Private 

Tuition

Room and Board

Books and Miscellaneous Expenses

Annual Cost

$6,000

$8,000

$2,000

$16,000

$20,000

$8,000

$2,000

$30,000

Typical Public Education x 5 Years

Typical Private Education x 4 Years

Opportunity Cost

$80,000

$28,0001

$120,000

Total Actual Cost

$108,000

$120,0002

1 Assumes 1 year at $40,000/year with take-home income of 70% after taxes. 

2 Before Tuition Rewards scholarship credits. 

Source: Why Private Education, Sage Scholars, Inc. 2008.

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How are my Tuition Rewards applied to my student's tuition costs?

Sage Scholars contacts the school directly via e-mail confirming the amount of the Tuition Rewards when the student is accepted. The student’s available Tuition Rewards will be allocated equally over the four years of the student’s college career.

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Can I use Tuition Rewards for room and board, books, or other school supplies?

Tuition Rewards points only apply to tuition costs.

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What if my child's prospective favorite college is not on the list?

Participating private colleges and universities are being added all the time. Your favorite school may be on the list by the time your child is ready to select a school.

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Will Tuition Rewards guarantee my child admission at a participating school?

Each school's normal admission standards apply.

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What else do I need to know about Tuition Rewards?

The First Midwest Tuition Rewards program reduces the cost of tuition for undergraduate education of full-time students in participating private colleges and universities, and a student’s choice of majors or fields of study is not limited.

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