State to offer $25 incentive for enrollment in 529 college fund

PROVIDENCE – General Treasurer Seth Magaziner has extended a financial incentive for Rhode Islanders interested in opening a college account through the state’s 529 college investment fund.
Magaziner is offering a $25 contribution to families who enroll before Oct. 31, a proposition he says is to encourage more families to “save and prepare for higher education costs,” in the spirit of “Financial Planning Month.”
“We’re excited to provide this contribution throughout October to help families start saving for their children’s future,” Magaziner said in a statement. “Our goal is to ensure that every Rhode Island child has the opportunity to attend college and achieve their dreams.”
The fund, created by the General Assembly in 1998, is known as the CollegeBoundfund and is current managed by the global asset management firm AllianceBernstein LP. It’s designed to help families save for future higher education expenses at accredited colleges, universities and vocational or trade schools nationwide, according to a press release.
The General Treasurer’s Office estimates children with savings accounts are three times more likely to enroll in college and four times more likely to graduate.