Upromise Sold...Again!

It was announced yesterday that Sallie Mae, which bought the Upromise rewards program just last June, has itself been sold to an investor group which includes JPMorgan Chase and Bank of America for $25 billion.

If the sale goes through (regulators and stockholders have to approve), it won't be official until late 2007.

Will this affect Upromise members? It doesn't appear so (though you can never tell how new owners will want to shake things up). The press release says that Sallie Mae's current management will continue to run their operations.