How Tuition Rewards Works
Upon enrolling in Tuition Rewards, First Midwest clients will receive "points" based on their banking accounts and services, and deposit and loan balances. These Tuition Rewards points accumulate year after year and are used to reduce the tuition costs at participating colleges and universities
. As your First Midwest banking relationship grows, so do your Tuition Rewards.
Who Is Eligible?
All First Midwest Bank Diamond and Midwest Checking clients with any eligible personal deposit or loan accounts are eligible to earn points. As a Tuition Rewards member, you can accumulate those points on behalf of your:
- Children and stepchildren
- Nieces and nephews
How Are Points Earned?
It's actually very simple. First Midwest Diamond and Midwest Checking clients can earn an unlimited number of points in the following manner:
- 500 points for enrolling in Tuition Rewards
- 100 points for each eligible account or service opened before or after enrollment and for each referred family member who joins
- 5% annually1 of year-to-date average balances in all traditional deposit accounts
- 5% one-time of the original amount of a new or existing loan2
Eligible accounts include your First Midwest:
Saving on College Tuition, From Start to Finish
You can start earning Tuition Rewards points at any time . . . just open your Tuition Rewards account, register it, and complete the activation process. Now that you know how it works, there are a few key dates to keep in mind:
- Enrollment Deadline – By August 31st of the year that your student begins 11th grade, you must list her as the recipient for your Tuition Rewards points. Don't wait! Enroll your students now.
- Allocation Deadline – By August 31st of the year that your student begins 12th grade, you must allocate your Tuition Rewards points to her. You decide how many points to transfer to each student you're sponsoring. Most accountholders transfer all their points to the oldest student. If she doesn't attend a participating college, they transfer the points to the next oldest student.
- Your student attends a participating college or university, and your Tuition Rewards points are applied and used equally over her 4-year education.
Call 800-241-1749 to learn more or to open your Tuition Rewards account today.