Rhode Island's 529 education savings program, CollegeBound, has, once again, been rated as one of the best plans in the country by Savingforcollege.com, an independent authority on 529 savings plans.
"The cost of continuing education, whether at college or a trade school, is rising - with no end in sight," said Treasurer Seth Magaziner. "We are working hard to ensure that Rhode Islanders have an affordable and easy way to save for college."
Prior to 2015, Rhode Island's 529 college saving program was consistently rated among the worst in the nation. Following Treasurer Magaziner's overhaul of CollegeBound, the program now offers a lower fee structure, an expanded menu of investment options, and a new program manager.
"This is a program that offers outstanding flexibility, attractive investments, and additional economic benefits (such as generous state tax incentives) that for some people, at least, will provide a substantial boost to their savings," said Savingforcollege.com in explaining their ranking of Rhode Island's program.
Rhode Island is one of only thirteen states whose self-directed 529 plans for state residents scored a perfect five-star rating in this ranking, 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 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.