Rhode Island's CollegeBound
Savings plans receive top rating from national authority
Rhode Island's 529 education
savings program,CollegeBound, has, once again, been rated as one of the best plans
in the country by Savingforcollege.com, an independent authority on 529 savings
plans.
"The cost of continuing
education, whether at college or a trade school, is rising - with no end in
sight," said Treasurer Seth Magaziner. "We are working hard to ensure
that Rhode Islanders have an affordable and easy way to save for college."
Prior to 2015, Rhode Island's
529 college saving program was consistently rated among worst in the nation.
Following Treasurer Magaziner's overhaul of CollegeBound, the program now offers a lower fee structure, an expanded menu of investment options, and a new program manager.
Following Treasurer Magaziner's overhaul of CollegeBound, the program now offers a lower fee structure, an expanded menu of investment options, and a new program manager.
"This is a program that offers outstanding flexibility, attractive investments, and additional economic benefits (such as generous state tax incentives) that for some people, at least, will provide a substantial boost to their savings," said Savingforcollege.com in explaining their ranking of Rhode Island's program.
Rhode Island is one of only
thirteen states whose self-directed 529 plans for state residents scored a
perfect five-star rating in this ranking, and one of only six states whose
financial advisor distributed plans received top marks.
CollegeBoundSaver, the flagship
product available to Rhode Island residents, offers accounts that are free to
open and have no minimum investments. Visit www.collegeboundsaver.com to learn
more.
About CollegeBound
Rhode Island's CollegeBound
program 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.
About
Savingforcollege.com
Savingforcollege.com has been a
leading independent authority on 529 savings plans since 1999. The site
compiles and analyzes data, and creates content and tools to provide parents,
financial professionals and state agencies with resources to help them
understand how to meet the challenge of increasing education costs.
