CollegeBoundbaby is an enhancement of CollegeBoundSaver, Rhode Island's 529 plan, designed to help 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.
The grant will be held and invested by The Office of the Rhode Island General Treasurer in a CollegeBoundSaver 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. Originally developed in 2010, the newly designed CollegeBoundbaby program offers a streamlined process that makes it easier for all Rhode Island families to take advantage of the $100 grant opportunity.
CollegeBoundSaver is Rhode Island's 529 college savings program designed to encourage individuals and families to save and invest for a child's future higher education expenses at an accredited college, university, vocational or trade school. CollegeBoundSaver benefits include low investment minimums to get started, 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, no annual account fee and a wide range of investment options.
The Office of the Rhode Island General Treasurer oversees CollegeBoundSaver and the plan's investments, which are managed by Ascensus College Savings (ACS). For more information, visit: CollegeBoundSaver.
This offer 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 in Rhode Island are also eligible to receive a CollegeBoundbaby Grant within their first year of adoption. (See question 12 for details regarding adoption.)
No. Participation in the CollegeBoundbaby program is free. There are no fees, charges, or hidden costs to participate.
For children born to or adopted by Rhode Island residents in 2014, the CollegeBoundbaby Grant program requires the opening of a CollegeBoundfund account within one year of the child's birth or adoption to receive the $100 grant. For more information, visit collegeboundbaby.com.
The CollegeBoundbaby program is the State's investment in the future of Rhode Island, one child at a time. Rhode Island is excited to become one of the first statewide programs in the U.S. to offer this life-changing program.
Yes, you are still eligible! The CollegeBoundbaby program is a great first step in supporting a child's higher education savings. When ready, families can open up an individual CollegeBoundSaver account and contribute to their child's education. It takes only $10 to get started and account holders can also invite family members and friends to contribute for holidays, birthdays or other milestones.
If you would like to contribute directly to your child's college savings, you'll need to open your own CollegeBoundSaver account either through a financial advisor or by enrolling here. Once you've established an individual CollegeBoundSaver account, you can invite family and friends to make contributions for birthdays, holidays and other milestones.
To receive the CollegeBoundbaby Grant, a parent or guardian must authorize the release of their information to The Office of the Rhode Island General Treasurer, through the Office of Vital Records Birth Worksheet during their hospital stay. All confidential information collected will be used exclusively to establish the CollegeBoundbaby Grant and for purposes of communication about CollegeBoundbaby, CollegeBoundSaver and other age-appropriate tips. Confidential information will not be shared with additional parties.
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, you must complete the CollegeBoundbaby Authorization Form on Treasury's website and/or call (401) 462-7640 for more information.
Yes, the CollegeBoundbaby Grant will still be available when your child is ready for college and 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 CollegeBoundSaver account, you may maintain it as well, regardless of residency.
Yes, if the child was adopted by a Rhode Island resident, the parent or guardian must complete the CollegeBoundbaby Authorization Form within one year of adoption to receive the $100 grant. Call (401) 736-1141 for more information.
No. The CollegeBoundbaby Grant is held by The Office of the Rhode Island General Treasurer and will not affect an individual's public assistance status.
No, the CollegeBoundbaby Grant should not be included in the calculation for financial aid, as it is considered a grant.
Qualified expenses include tuition, fees, room and board, books and other supplies required to attend an institution of higher education.
There is no penalty to families if your child does not enroll in college and use the grant. The CollegeBoundbaby Grant will be available until the child reaches 25 years of age. After that period of time, the grant funds will be reallocated to maximize educational opportunities for future grant recipients.
No. The CollegeBoundbaby Grant, including any earnings on the grant, may not be transferred to another child, may not be withdrawn for a purpose other than the funding of qualified higher education costs, and may not be transferred to another 529 plan.
Funds will be disbursed by The Office of the Rhode Island General Treasurer and by the Program Manager (ACS) directly to the college or trade, vocational or technical school. When your child is ready to enroll, contact Treasury.
Unfortunately, no. Enrollment is only available to families before the child's first birthday or within the first year of adoption. If your child was born prior to 2015, visit collegeboundbaby.com for more information.
By phone: 401-462-7640
By email: CollegeBoundBaby
By phone: 1-877-517-4829
By email: Client Services - College Bound Saver
By mail: Overnight delivery
By mail: Regular delivery