Education lending giant Sallie Mae will acquire Upromise, a company that offers college savings plans. The value of the deal was not disclosed.

Upromise is perhaps best known for its college rewards programs, which allows its seven million participants to contribute to college savings plans when they make purchases at any of 450 selected retailers. Five-year old Upromise, which is based in Needham, Mass., also administers the 529 tax-advantaged college savings programs for Arkansas, Colorado, Iowa, Missouri, Nevada, New York, California and North Carolina.  Together, these programs represent more than a million accounts and $10 billion under management.

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