Treasurer Caprio, RI Higher Education Assistance Authority highlight CollegeBoundfund as powerful way to save for college

(September 9/16/08) With memories of summer fading away and Rhode Island students settling into their school routines, General Treasurer Frank Caprio and Bill Hurry, executive director of the Rhode Island Higher Education Assistance Authority, announced that September has been declared College Savings Month in Rhode Island by Governor Donald Carcieri. Rhode Island is joining states across the country in celebrating College Savings Month and urging families to save for their children’s college education.

Caprio and Hurry said that Rhode Island residents have a powerful vehicle to start saving early and to invest in their children’s future, CollegeBoundfund, the state’s 529 college savings program. As part of College Savings Month, CollegeBoundfund will kick-off a marketing campaign that recognizes the rising costs of college education and offers families a sensible approach—“Don’t panic. Plan.”

“As the costs of a college education continue to rise and credit fears have led some banks to stop offering student loans, parents are feeling the pressure and worrying about the future,” said Caprio. “CollegeBoundfund gives Rhode Islanders a powerful tool to start saving and effectively planning for the future.”

Hurry added, “Parents and families in our state and across the country feel like they are running out of options when it comes to paying for college. But Rhode Islanders have CollegeBoundfund, the best way to confront escalating college costs and keep the dream of a college education in reach for their loved ones.”

CollegeBoundfund is administered by RIHEAA in conjunction with the Office of the General Treasurer and the State Investment Commission and the program is managed by AllianceBernstein Investments. It offers a low minimum investment, flexibility, a wide range of investment options, tax deductions for state residents, and a Matching Grant Program to assist low- to moderate-income Rhode Island families by providing dollar-for-dollar and two dollar-for-dollar matching funds for qualifying accountholders. To date, there are more than 20,000 accounts held by Rhode Island families who have saved over $223 million for post-secondary education.

To learn more about CollegeBoundfund and saving for college, visit www.collegeboundfund.com/ri/. There are links which will enable you to order an enrollment kit or to fill in an online application for CollegeBoundfund. You may also call Peter Kerwin at (401) 736-1106 for additional information.

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