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Children's Savings Accounts

CollegeBoundbaby

Year Started: 2015
Contact email: dpfatuda@treasury.ri.gov
Location: Rhode Island
Phone: 401-462-7640
Website: http://www.Collegeboundbaby.com

Description:
Children born to or adopted by Rhode Island families are eligible for a $100 grant to be used for Qualified Higher Education expenses if their request is received by the Office of the General Treasurer within one year. (Needs to be updated) Opting into the grant program is now listed on the birth form at the hospital. The program is funded by our program manager, Ascensus College Savings, and in 2015 over 50% of new babies were opted into the program. We are hoping to increase our percentage to over 80%.

Key Program Features:

Program Type: 529 plan
Program Status: In operation
Enrollment Type: Self or parent enrollment
Age at enrollment: Birth
Target Population: All Rhode Island residents born on or after 1/1/15
Account Type: 529 college savings account
Account Custodian: Government agency, Rhode Island Higher Education Assistance Authority
Monetary Incentives: $100 initial "seed" deposit
Allowable uses of savings: College education, Other post-secondary education (e.g. vocational or certificate programs)
Additional Financial Capability Services offered to children: Financial literacy
Additional Financial Capability Services offered to adults: Financial capability services for parents are yet to be determined.
Deposit Options: Must open their own Collegeboundfund account to make deposits

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