Methods and systems for applying rebates to higher education

• US 7,499,872 B1
• Filed: 11/01/2000
• Issued: 03/03/2009
• Est. Priority Date: 06/02/2000
• Status: Expired due to Fees

• Current Assignee: TuitionFund LLC
• Original Assignee: TuitionFund LLC
• Inventors: Thompson, Michael P.
• Primary Examiner(s): Myhre; James W
• Application Number:
  US09/703,562
• Time in Patent Office: 3,044 Days
• Field of Search: 705/14
• US Class Current: 705/14.26
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0225 Avoiding frauds
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention relates to methods and systems for funding a college education by accumulating and managing merchant rebates. The present invention also relates to methods and systems for enrolling and registering members in an organization through the organization provision of topical information and materials, useful links to, and information on, Internet and non-Internet based merchants, related to a college education. In particular, the present invention relates to facilitating retail transactions between an organization registered members and selected merchants who offer rebates on the transactions between themselves and the organization members so that the rebates are accumulated and provided for funding a college education.

Claims

1. A method comprising:

a) providing;

i) debit and credit card accounts,

ii) at least one higher education account,

iii) at least one registered merchant offering rebates ranging from 0.01% to 30%, and

iv) a rebate network manager connected to processors that track debit and credit card purchases to provide debit and credit card transaction information, wherein said at least one registered merchant is registered with said rebate network manager and said debit and credit card accounts are registered with said rebate network manager,

b) via said rebate network manager, monitoring all of said debit and credit card transaction information from said processors and associated with said at least one registered merchant and determining if said transactions are consummated using said debit and credit card accounts registered with said rebate network manager,

c) calculating a rebate on each purchase made from said at least one registered merchant using said registered debit and credit card accounts, wherein said calculating step is performed by said rebate network manager utilizing a computer processor configured to calculate said rebate based on an existing formula wherein said rebate ranges from 0.01% to 30% for each transaction, wherein said rebate network manager then debits the account of the merchant, and wherein said computer processor is located at a location other than the location of the merchant; and

d) via a computer network, crediting said at least one higher education account with said rebate, wherein said rebate is provided by said at least one registered merchant.

2. The method of claim 1, wherein said at least one higher education account is stored in a computer memory area and said computer processor is connected to said higher education account via a computer network.

3. The method of claim 1, wherein said crediting step is performed by a computer processor configured to credit said at least one higher education account.

4. The method of claim 1, wherein said higher education accounts are selected from the group consisting of a student loan payment account, an educational IRA, a college fund savings account, a state 529 plan, and a college charitable contribution account.

5. The method of claim 1, further comprising step

e) managing said at least one higher education account.

6. The method of claim 1, wherein said crediting step further comprises crediting said higher education account with an amount equal to or less than said rebate.

7. The method of claim 1, wherein said rebate network manager credits said higher education account.

8. The method of claim 1, wherein said purchases are made on-line.

9. The method of claim 1, wherein said purchases are made on-site.

10. The method of claim 1, further comprising providing a tracking entity, wherein said tracking entity compiles all of said debit and credit card transaction information for transactions with registered members for at least one merchant registered with said tracking entity.

11. The method of claim 1, further comprising providing a registration organization, wherein said registration organization receives a portion of said rebate.

12. A system comprising:

registered debit and credit card accounts;

a network of registered merchants offering rebates to registered members with said registered debit and credit card accounts;

a memory device comprising member higher education accounts;

a rebate network manager connected to said network of registered merchants via processors that track debit and credit card purchases to provide debit and credit card transaction information, said rebate network manager having a computer processor configured to monitor all of said debit and credit card transaction information from said processors and associated with said registered merchants and determine if said transactions are with said registered members using said registered debit and credit card accounts, calculate a rebate of from 0.01% to 30% based on an existing formula for a purchase by said registered member from said registered merchant and to credit said member higher education accounts with proceeds from said rebate, wherein said memory device and said computer processor are connected via a computer network, and wherein said computer processor is located at a location other than the location of the merchant.

13. The system of claim 12, wherein said higher education accounts are selected from the group consisting of a student loan payment account, an educational IRA, a college fund savings account, a state 529 plan, and a college charitable contribution account.

14. The system of claim 12, wherein said rebate network manager tracks said purchases by correlating a registered credit or debit card account number with said purchases and said network of registered merchants are registered with said rebate network manager.

15. The system of claim 12, wherein said purchases are tracked by a tracking entity in communication with a rebate network manager, wherein said tracking entity compiles all of said debit and credit card transaction information for transactions with registered members by said network of registered merchants, wherein said merchants are registered with said tracking entity.

16. The system of claim 12, wherein said rebate on purchases is provided by an on-line merchant.

17. The system of claim 12, wherein said rebate on purchases is provided by an on-site merchant.

18. A method comprising:

a) providing;

i) debit and credit card accounts,

ii) a network of registered merchants offering rebates ranging from 0.01% to 30%, and

iii) a rebate network manager connected to said network of registered merchants via processors that track debit and credit card purchases to provide debit and credit card transaction information, wherein said network of registered merchants and said debit and credit card accounts are registered with said rebate network manager,

b) via said rebate network manager, monitoring all of said debit and credit card transaction information from said processors and associated with said registered merchants and determining if said transactions are consummated using said debit and credit card accounts registered with said rebate network manager,

c) calculating said rebate on said transactions made from said network of registered merchants using said registered debit and credit card accounts, wherein said calculating step is performed by said rebate network manager utilizing a computer processor configured to calculate said rebate, and wherein said computer processor is located at a location other than the location of the merchant; and

d) crediting an educational account with said rebate via a computer network;

e) transferring funds from said educational account to make payments on education loans and/or debt via a computer network.

19. A processing system for managing rebates associated with registered debit and credit card accounts, comprising:

a) a computer network;

b) a network comprising a plurality of registered merchants offering rebates ranging from 0.01% to 30%,

c) a rebate network manager connected to said network of registered merchants via processors that track debit and credit card purchases to provide debit and credit card transaction information, wherein said network of registered merchants and said debit and credit card accounts are registered with said rebate network manager,

d) a computer processor configured to calculate said rebate amounts on purchases made from said registered merchants, wherein said rebate network manager monitors all of said debit and credit card transaction information from said processors and associated with said registered merchants and determines if the transactions are consummated using said registered debit and credit card accounts, and wherein said processor is located at a location other than the location of the merchant; and

e) a memory device comprising higher education accounts configured to electronically receive said rebate amounts as a credit via said computer network.

20. The processing system of claim 19, further comprising a second computer processor configured to transfer funds from said education accounts to make payments on education loans and/or debt.

21. The processing system of claim 19, further comprising a second computer processor configured to make payments selected from the group consisting of tuition, fees, room and board, and expenses incidental to obtaining a higher education.

22. A method comprising:

a) providing;

i) debit and credit card accounts,

ii) a network of registered merchants, and

iii) a rebate network manager connected to said network of registered merchants via processors that track debit and credit card purchases to provide debit and credit card transaction information, wherein said network of registered merchants and said debit and credit card accounts are registered with said rebate network manager,

b) calculating a rebate on purchases made from said network of registered merchants using said registered debit and credit card accounts, wherein said rebate network manager connected via said processors to said network of registered merchants electronically monitors all of said debit and credit card transaction information from said processors and associated with said registered merchants and determines if said transactions are consummated using said registered debit and credit card accounts and wherein said calculating step is performed by said rebate network manager utilizing a computer processor, and wherein said computer processor is located at a location other than the location of the merchant; and

c) electronically transferring said rebate amount to a higher education account resident on a computer memory device.

23. The method of claim 22 wherein said higher education account is selected from the group consisting of a state 529 plan and an educational IRA account.

24. A method comprising:

a) providing;

i) registered members having accounts selected from the group consisting of debit card and credit card accounts,

ii) a network of registered merchants offering rebates ranging from 0.01% to 30% to said registered members, and

iii) a rebate network manager connected to said network of registered merchants via processors that track debit and credit card purchases to provide debit and credit card transaction information, wherein said network of registered merchants and said debit or credit card accounts are registered with said rebate network manager,

b) via said rebate network manager, monitoring all of said debit and credit card transaction information from said processors and associated with said registered merchants and determining if said transactions are with a registered member using said registered debit or credit card account registered with said rebate network manager,

c) calculating said rebate on said transactions made by said registered members from said network of registered merchants using said registered debit or credit card accounts, wherein said calculating step is performed by said rebate network manager utilizing a computer processor configured to calculate said rebate, and wherein said computer processor is located at a location other than the location of the merchant; and

d) crediting an educational account with said rebate via a computer network; and

e) transferring funds from said educational account to make payments on existing student loan debt via a computer network or to make payments selected from the group consisting of tuition, fees, room and board, and expenses incidental to obtaining a higher education.