There are 10 things about college and saving for college that every Rhode Island family needs to know. This infographic design is a great visual explainer of how college savings works (it’s easier than you think), and what the state of Rhode Island is doing to help families.
You can click or tap on the visual below to enlarge it, and keep reading below this infographic design too where you’ll fund a written overview of how saving for college works in Rhode Island.
10 Things for Rhode Island Families to Know About Saving for College
1. By the end of the decade, 70% of jobs will require college degrees or some form of post-secondary education.
2. $33,000 is the average student debt per borrower for the graduating college class of 2020.
3. $338K is the projected cost of a 4-year college degree at an in-state school in 2035.
4. A 529 plan offers your family a tax-advantaged way to save for college and other higher education expenses. Funds in a 529 plan can go to technical college or vocational school, college or university, trade school, study abroad programs, K-12 private school tuition, books, computers and school supplies, room and board, and even student loan debt.
5. CollegeBound Saver Program is Rhode Island’s direct-sold college savings plan. Any consumer can directly sign up or enroll in this plan online.
6. CollegeBound 529 is Rhode Island’s advisor-sold 529 college savings plan.
7. Out-of-state enrollments are allowed for either of Rhode Island’s 529 plans.
8. $500,000 is the plan’s maximum contribution limit. Contributions may be made until the balance of all Rhode Island 529 plan(s) for the same one individual reaches $500K. Funds already invested can remain in the plan(s) and continue to gain interest, but no additional funds may be contributed.
9. Rhode Island tax benefit: $1,000/yr for joint filers or $500/yr for single filers.
10. $18,648 is how much more you’ll save (or earn) for college by putting your savings for college in a 529 plan instead of a regular savings account at the bank.
You can also find more information in this article on Rhode Island 529 plan basics, or checking out the state treasury department’s website at http://treasury.ri.gov/programs/collegebound-saver-529-plan/.
Rhode Island 529 plans are eligible to be linked to the free Upromise Rewards program. Upromise has helped families save more than $1 Billion for their children’s college education. Join free and earn free cash rewards your child’s college. Additionally, every month there is a drawing where 5 Upromise members win a free $529 scholarship.
*This assumes a 6% hypothetical rate of return for 529 plans compounded annually and assumes a 0.05% APY or annual interest rate for a savings account. The information in the infographic chart is for illustrative purposes. Funds invested in a 529 plan may see higher or lower rates of return than illustrated in this example.
Check out these College Savings: 529 Plan Basics by State
Western 529 Plans
- Alaska 529 Plan
- California 529 Plan
- Colorado 529 Plan
- Hawaii 529 Plan
- Idaho 529 Plan
- Montana 529 Plan
- Nevada 529 Plan
- Oregon 529 Plan
- Washington 529 Plan
- Utah 529 Plan
Southwest 529 Plans
Midwest 259 Plans
Northeast 529 Plans
- Connecticut 529 Plan
- Delaware 529 Plan
- Maine 529 Plan
- Maryland 529 Plan
- Massachusetts 529 Plan
- New Hampshire 529 Plan
- New Jersey 529 Plan
- New York 529 Plan
- Pennsylvania 529 Plan
- Rhode Island 529 Plan
- Vermont 529 Plan
- Washington DC 529 Plan
Southeast 529 Plans
- Alabama 529 Plan
- Arkansas 529 Plan
- Florida 529 Plan
- Georgia 529 Plan
- Kentucky 529 Plan
- Louisiana 529 Plan
- Mississippi 529 Plan
- North Carolina 529 Plan
- South Carolina 529 Plan
- Tennessee 529 Plan
- West Virginia 529 Plan
- Virginia 529 Plan
Other Plans
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