Treasurer Magaziner: Babies born in Rhode Island on May 29 will receive $529 for education savings for ‘National 529 Day’
Babies born or adopted on May 29, 2019 in R.I. will receive $529 to start saving and promote awareness of the state’s 529 program
PROVIDENCE, R.I. — Rhode Island General Treasurer Seth Magaziner, ahead of ‘National 529 Day’, announced that babies born on May 29, 2019 will receive $529 to jump start their savings in Rhode Island’s 519 program, CollegeBoundSaver.
“It is my honor to welcome tomorrow’s newest Rhode Islanders to our community and to congratulate their proud parents,” said Treasurer Seth Magaziner. “Every Rhode Islander deserves the opportunity to succeed and saving for future education costs with CollegeBound is easy and flexible.”
In order to promote awareness of CollegeBoundSaver and the benefits of 529 college savings plans, each baby born or adopted in Rhode Island tomorrow will receive an additional $529 deposited directly into a CollegeBoundSaver account. A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs.
New parents do not need to take any additional action on May 29, 2019 to ensure their child’s eligibility for the grant. A representative from the Treasurer’s Office will notify parents via letter that their $529 grant is waiting for them.
Every child born or adopted in Rhode Island is eligible for a $100 college savings grant. Parents can enroll their child simply by checking a box on the birth worksheet at the hospital. All new parents are encouraged to ‘check the box’ on the birth worksheet to receive the standard $100 grant as well.
Rhode Island’s CollegeBound program is helping to make the rising costs of college more affordable for all Rhode Islanders. CollegeBound provides tax-efficient savings accounts that can be used to save for tuition, vocational training, books, housing and other education related expenses. Rhode Islanders can receive a state income tax deduction for contributing to a CollegeBound account.
CollegeBoundSaver, the flagship product available to Rhode Island residents, is a self-directed 529 plan that that is free to open, has no minimum investment and offers in-state residents some of the most affordable investment options of any 529 plan in the country. Visit www.collegeboundsaver.com to learn more.