PROVIDENCE – More low-to-moderate-income Rhode Island families will get help saving for their children’s college education, thanks to changes in eligibility guidelines for the CollegeBoundfund matching grant program.

The changes in the former 5&10 Matching Grant program were announced last week by R.I. General Treasurer Frank T. Caprio and William H. Hurry Jr., executive director of R.I. Higher Education Assistance Authority.

They “will be a tremendous help to Rhode Island parents,” Hurry said in a statement.

“The CollegeBoundfund matching-grant program allows families to save more while a child is young, thereby decreasing the amount of loans and grants that otherwise would be necessary to pay for college tuition and fees,” he noted.

The CollegeBoundfund is a state-sponsored, tax-advantaged college savings fund that allows Rhode Island families to open an account with as little as $1 per month. Previously, eligibility was based on both family size and household income; now, it is based solely on family income.

Under the revised formula, a family whose federal adjusted gross income is less than or equal the state’s median household income – this year, up to $65,000 – qualifies for a $2 matching grant for every $1 it deposits. A family with income up to $15,000 above the state median – this year, between $65,001 and $80,000 – qualifies for $1 in matching aid for every $1 it contributes to the fund.

“This simply increases eligibility for more families to gain valuable dollars on their contributions – an incentive to plan, save and dream big,” Hurry said.

Parents of children 10 or younger – depending on their income – may be eligible to receive matching contributions for up to five consecutive years. Families are required to submit a copy of their federal tax return every year, with the matching-grant application, and may receive contributions based on the previous tax year, the fund said in a statement.

“I am proud to say that, by offering a matching grant program in Rhode Island, we are helping more parents invest in their child’s education,” Caprio said in a statement, adding: “I encourage every qualified family to begin taking advantage of this truly valuable savings program and its matching dollars.”

CollegeBoundfund is a state-sponsored, tax-advantaged 529 college savings plan. Savings can be used at any accredited institution of higher education in the United States and many institutions abroad. For more information about the CollegeBoundfund or its matching grant program, visit, www.CollegeBoundfund.com/ri or call 1-866-348-3836.