Rhode Island General Treasurer Seth Magaziner announced today that babies born to Rhode Island residents on May 29, 2020 will receive a $529 grant into a CollegeBound Saver account, Rhode Island's 529 college savings program.
"It's a privilege to have the opportunity to congratulate new parents, welcome our newest Rhode Islanders and invest in their future," said Treasurer Seth Magaziner. "It is never too early to start saving for college. These $529 grants can help families jump-start college savings for their child."
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs.
CollegeBound, Rhode Island's 529 college savings program, is an easy, affordable way for Rhode Islanders to save for the future. With flexible investment options and no minimum investment, these savings grow tax-free and can be used at colleges, universities and trade schools for tuition and other school-related expenses.
New parents do not need to take any additional action on May 29, 2020 to ensure their child's eligibility for the grant. A representative from the Treasurer's Office will notify parents via letter that their $529 grant is waiting for them.
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Rhode Island's CollegeBound program is helping to make the rising costs of college more affordable for all Rhode Islanders.
CollegeBoundSaver, the flagship product available to Rhode Island residents, is a self-directed 529 plan 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. Rhode Islanders can receive a state income tax deduction for contributing to a CollegeBound account.
Every child born or adopted in Rhode Island is eligible for a $100 college savings grant. New parents can receive the $100 grant by simply checking a box on the birth worksheet at the hospital.
Visit collegeboundsaver.com to learn more.
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