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Children's Savings Accounts


Year Started: 2015
Contact email:
Location: Rhode Island
Phone: 401-222-2397

CollegeBoundbaby is an enhancement of CollegeBoundfund, the state's 529 plan, designed to help Rhode Island families get an early start at saving for their child's higher education. Starting January 1, 2015, children born to or adopted by Rhode Island families are eligible for a $100 CollegeBoundbaby Grant to be used for higher education by simply checking a box at the hospital. The grant will be held and invested by the Rhode Island Higher Education Assistance Authority (RIHEAA) in a CollegeBoundfund master account on behalf of the child until the child is ready to attend a higher education institution.

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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