Harris Insight of Chicago has come up with a method of easing parents' anxieties about saving enough money to send their children to college. Harris' College In-Sight program, which has been actively promoted since March, encourages investors to save by offering college tuition reduction rewards based on their mutual fund account balances.
College In-Sight is similar to a frequent flyer program. Rather than free flights, however, investors are awarded tuition reductions amounting to approximately five percent of their fund assets on an annual basis. The maximum reward is one year's tuition or $13,800, whichever is less. The tuition reward is usually spread evenly over the four years of undergraduate education.