Answers: Just what every young parent needs.
CollegeBoundbaby is a program administered by Rhode Island’s 529 College Savings Plans — CollegeBound Saver and CollegeBound 529 — designed to help families get an early start at saving for their child’s higher education. All children born to or adopted within one year by Rhode Island families are eligible for a $100 CollegeBoundbaby grant to be used for higher education. The grant will be held and invested by The Office of the General Treasurer in a master account on behalf of the child until the child is ready to attend a higher education institution. CollegeBoundbaby is part of the State’s ongoing commitment to investing in Rhode Island families, one child at a time. For more information, please read the Program Description.
CollegeBound Saver and CollegeBound 529 are the two 529 College Savings Plans administered by the state of Rhode Island. A 529 plan is a tax-advantaged investment vehicle that helps families save for college. The name 529 refers to the Internal Revenue Code section that discusses this type of college savings tool. CollegeBound Saver is a direct-sold program in which you may enroll individually, while CollegeBound 529 is an advisor-sold program in which you may enroll through a financial advisor. Money saved in Rhode Island's 529 college savings programs can be used at any eligible, accredited college, university, vocational or trade school. Benefits include no contribution minimums, tax-free earnings growth, an annual RI state tax deduction (for contributions up to $500 for single filers and up to $1,000 for married couples filing jointly)1, no annual account fee and a wide range of investment options. The Office of the Rhode Island General Treasurer oversees CollegeBound Saver and CollegeBound 529.
This grant is available for Rhode Island residents only. Children must be U.S. citizens or resident aliens who have a Social Security Number (SSN) or Federal Tax Identification Number. All children adopted to Rhode Island residents are also eligible to receive a CollegeBoundbaby Grant within their first year of adoption. (See “I adopted my child. Is he/she eligible?” question for details regarding adoption.)
Participation in the CollegeBoundbaby program is free! There are no fees, charges, or hidden costs to participate. The $100 grant remains in the CollegeBoundbaby account until your child is ready to attend their higher education institution.
Yes, you are still eligible! The CollegeBoundbaby program is a great first step in supporting a child's higher education savings. You do not need to make any further contributions in order to receive the grant. When you are ready, we encourage families to open up an individual CollegeBound Saver or CollegeBound 529 account and contribute to their child's education.
If you would like to contribute directly to your child's college savings, you'll need to open your own 529 account. You can open a CollegeBound Saver account by enrolling online at collegeboundsaver.com, or you can enroll in CollegeBound 529 through a financial advisor. Once you’ve established an individual account, you can invite family and friends to make contributions any time through Ugift.
Yes, children born out-of-state to Rhode Island residents are still eligible to receive the CollegeBoundbaby Grant until the child’s first birthday. To register your child, please complete the CollegeBoundbaby Authorization Form and/or call 401-462-7640 for more information.
Yes, the CollegeBoundbaby Grant will still be available when your child is ready for college, with no penalty. The program exists to help families save for their child’s college education and we encourage all Rhode Islanders to take full advantage of this benefit. If you have opened an individual CollegeBound Saver or CollegeBound 529 account, you may maintain it as well, regardless of residency.