Babies born in Rhode Island on May 29 to receive $529 CollegeBound Grant
Rhode Island General Treasurer Seth Magaziner announced Thursday that babies born to Rhode Island residents on May 29,2020 will receive a $529 grant into a CollegeBound Saver account.
PROVIDENCE, RI (WLNE) – The state’s General Treasurer Seth Magaziner announced Thursday that babies born to Rhode Island residents Friday will receive a $529 grant into a CollegeBound Saver account.
“It’s a privilege to have the opportunity to congratulate new parents, welcome our newest Rhode Islanders, and invest in their future,” said Magaziner. “It is never too early to start saving for college. These $529 grants can help families jump-start college savings for their child.”
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs, according to Magaziner’s spokesperson.
Parents do not need to take any additional action on May 29, 2020, 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, the spokesperson says.