PROVIDENCE, RI – Stressing the importance of helping families save to prepare for higher education costs, General Treasurer Seth Magaziner today announced that all Rhode Islanders who open a CollegeBoundfund account during September 2015 will receive a $25 account contribution. Families can visit 25forcollege.com to learn more and enroll.
"This contribution for families who invest in their children's education is one way we can send the message that we believe in the limitless potential of Rhode Island's children, and we want to help put them on a path to achieve their dreams," Treasurer Magaziner said. "We know how much Rhode Island families care about their children's education. We understand the financial challenges families face. We are here to help."
Saving early and often for college has proven beneficial to families and students. Research has shown that children with college savings accounts are three times more likely to enroll in college and four times more likely to graduate.
Rhode Island's college savings plan, CollegeBoundfund, is designed to encourage families to save for future higher education expenses at accredited colleges, universities, and vocational or trade schools nationwide.
CollegeBoundfund also offers Rhode Island residents a number of special advantages, including a CollegeBoundbaby grant, a state tax deduction, low fees and the ability to make online gifts, waiver of annual account fee and automatic contributions.
Treasurer Magaziner announced the $25 CollegeBoundfund incentive program at a press conference at the State House during College Savings Month, which strives to raise awareness and encourage families to save for future higher education expenses.
Cranston-resident Carla Batista shared her story about saving with CollegeBoundfund for her son Jace. Batista, a single mother of three sons who works as an office and data manager at Trinity Academy for the Performing Arts in Providence, didn't save for her two oldest sons' college education and learned the hard way about the challenges of debt and loans.
"At first I thought to myself, 'How could I afford to save for anything with one paycheck and three sons?' But saving for Jace's education is a priority, so I made a decision to include it as part of my monthly budget," Batista said.
Throughout the month, the Treasurer's Office will offer tips via Facebook at www.facebook.com/RITreasury and on Twitter at twitter.com/RITreasury on how to start saving for college.