Helping RI Families Save for their Children’s College Education

Rhode Island families are struggling, and so we are making it easier for them to save for their child’s college education.

I know firsthand the importance of saving for higher education. I wouldn’t be where I am today if my parents hadn’t worked hard to save for my future.

Earlier this month, I announced enhancements to the CollegeBoundbaby program that will help Rhode Island families save and pursue higher education opportunities for their children.

The enhanced initiative was announced at the Community College of Rhode Island and featured an interactive forum with educational groups, researchers and policy makers from across Rhode Island and the country.

 Starting January 1, 2015, it will be easier than ever for Rhode Island families to take advantage of a $100 CollegeBoundbaby Grant that is offered through CollegeBoundfund, the state’s 529 plan.

The initiative is in partnership with the Rhode Island Higher Education Assistance Authority (RIHEAA). Collegeboundbaby is an innovative program designed to significantly boost the number of Rhode Island families with college savings.

Through the newly enhanced CollegeBoundbaby program, parents of newborns check “yes” on their in-hospital Birth Certificate Worksheet to allow the Rhode Island Office of Vital Records to release the necessary contact information to RIHEAA to award the CollegeBoundbaby Grant for their child. Rhode Island residents who adopt a child may self-enroll the child within the first year of adoption.
The grant may be used at any higher education institution, whether it is a college of trade, technical, or vocational school. The $100 contribution will be invested by RIHEAA in a CollegeBoundfund master account on behalf of the child until the child is ready to attend a higher education institution.

Investing in higher education is one of the best ways for Rhode Island to succeed in the future. A strong economy depends on a skilled workforce. People with a college degree are more likely to be employed than those without one, and are more likely to be employed in a job that provides quality of health and retirement benefits.
This initiative makes Rhode Island one of only three states in the country to provide universal children’s savings accounts. This is a true example of how government agencies can work together to help Rhode Islanders.

I look forward to continuing to improve higher education opportunities for Rhode Islanders.

Best Wishes,

Gina

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