September 17, 2018: Rhode Island's 529 education savings plan, CollegeBound, has been rated as one of the best plans in the country by Savingforcollege.com, an independent authority on 529 savings plans, receiving five out of five in its "5-Cap" rating system for Rhode Island residents.
"The cost of college is out of control and too many Rhode Islanders are having to take on student loan debt that they will be paying off for decades," said Treasurer Seth Magaziner, whose office administers CollegeBound. "Our office made Rhode Island's 529 program easy and affordable for Rhode Island residents and it's great to see it recognized as one of the best 529 plans in the country."
Before Treasurer Magaziner took office in 2015, the State's 529 program was consistently rated among the lowest in the nation. Treasurer Magaziner launched a major overhaul of CollegeBound which now offers a lower fee structure, an improved menu of investment options, and a new program manager.
"A plan with 5 Caps offers outstanding flexibility, attractive investments, and additional economic benefits (such as tax incentives) that can offer a substantial boost in savings," according to Savingforcollege.com.
Rhode Island is one of only twelve states whose self-directed 529 plans scored five out of five, and one of only six states whose financial advisor distributed plans received top marks.
CollegeBoundSaver, the flagship product available to Rhode Island residents, offers accounts that are free to open and have no minimum investments. Visit www.collegeboundsaver.com to learn more.
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Rhode Island's CollegeBound program, managed by Treasury, is helping to make the rising costs of college more affordable for all Rhode Islanders. CollegeBound provides tax-efficient savings accounts that can be used to save for tuition, vocational training, books, housing and other education related expenses. Rhode Islanders can receive a state income tax deduction for contributing to a CollegeBound account.
CollegeBoundSaver, the flagship product available to Rhode Island residents, is a self-directed 529 plan that that is free to open, has no minimum investment and offers in-state residents some of the most affordable investment options of any 529 plan in the country. Visit www.collegeboundsaver.com to learn more.
Savingforcollege.com has been a leading independent authority on 529 savings plans since 1999. The site compiles and analyzes data, and creates content and tools to provide parents, financial professionals and state agencies with resources to help them understand how to meet the challenge of increasing education costs.
2018 5-Cap Top 529 Plans: https://www.savingforcollege.com/article/the-best-529-plans-5-cap-ratings