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Sunday, September 27, 2015

Help your kids go to college

The state wants to make it a little bit easier
By Seth Magaziner, Rhode Island General Treasurer

My time teaching children in post-Katrina Louisiana and watching them grow as the region slowly recovered had a profound effect on me that lasts to this day. 

As General Treasurer, I am pleased to promote college savings through Rhode Island's college savings program, the CollegeBoundfund.

With the skyrocketing cost of higher education, college feels out of reach for too many Rhode Island families. And far too many families that do send their children to college get saddled with overwhelming debt.

It does not have to be this way. With support and a long-term plan, every family in Rhode Island should be able to afford sending their children to college. I strongly encourage families to begin planning for their children's higher education early, by opening a CollegeBoundfund account. 
CollegeBoundfund offers Rhode Island residents a number of special advantages, including a state tax deduction, low fees and the ability to make online gifts and automatic contributions.

Families that start putting money aside for college early increase the likelihood that their children will one day go to college. 

Children with college savings accounts are three times more likely to attend college, and four times more likely to graduate. Saving even a modest amount of money each month can really add up through the years.

Having a college savings account during your child's school years strongly reinforces the message that your family values education. On birthdays and holidays, family members and friends can give very meaningful gifts by making a contribution to your child's CollegeBoundfund account.

To encourage families to start saving for college as soon as their child is born, CollegeBoundfund now offers a CollegeBoundbaby enhancement that enables new parents to receive a $100 grant earmarked for their child's higher education costs. 

New parents simply "check the box" on the Rhode Island Birth Worksheet to receive the $100 grant. The grant is also available for children adopted by Rhode Island residents within one year.

And to celebrate National College Savings Month, Rhode Island families that open a CollegeBoundfund account this September will receive a $25 account contribution. 

Please visit today to open a college savings account and get your $25 account contribution.

At the Treasurer's Office, we understand the financial challenges families face. This contribution for families who invest in their child'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 track to achieve their dreams.