CollegeBound Saver – the Rhode Island 529 College Savings Plan

CollegeBound Saver – the Rhode Island 529 College Savings Plan

5 Extra Sources of Income for Poor College StudentsAbout: CollegeBound Saver is a Section 529 plan offered by the Office of Rhode Island General Treasurer. Ascensus Broker Dealer Services, Inc. serves as the Program Manager. Ascensus Broker Dealer Services, Inc. and its affiliates (Ascensus College Savings) have overall responsibility for the day-to-day operations including investment advisory, recordkeeping and administrative services, and marketing.

CollegeBound Saver is designed to help individuals and families save for college in a tax-advantaged way and offers valuable advantages including tax-deferred growth, generous contribution limits, attractive investment options, and professional investment management.

Website: https://www.collegeboundsaver.com/

Phone #: 1-877-517-4829

Investment Options: The Age-Based Portfolios option contains 11 age bands corresponding to expected dated of college enrollment. The asset mix (or allocation) of the Age-Based Portfolios shifts to a more conservative investment allocation over time. There’s also a  three Target-Risk Portfolios (Growth, Moderate Growth and Conservative), seven individual-fund portfolios and a stable value option. Invesco, Vanguard and BlackRock managed the investments.

Tax Benefits: Children born to or adopted by Rhode Island families are eligible for a $100 “CollegeBoundbaby” grant to be used for Qualified Expenses if the request is received by the Treasurer within one (1) year of their birth or adoption. Contributions to the Rhode Island 529 plan of up to $500 per year by an individual, and up to $1,000 per year by married taxpayers filing jointly are deductible in computing Rhode Island taxable income, with an unlimited carry forward of excess contributions. Rollovers from another 529 plan are not deductible.

State Residency Requirements:  The account owner or beneficiary must be a Rhode Island resident at the time of program enrollment.

Saving for College with Upromise

UpromiseSave for college with Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.

Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.

Once you join UpromiseSave for college with Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.

The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.

Upromise.com is the smart way to save for your child’s college educationUpromise.com is the smart way to save for college.

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