PROVIDENCE, R.I. - - Rhode Island's 529 education savings plan,
CollegeBound, has been rated as one of the best plans in the country by Savingforcollege.com,
an independent authority on 529 savings plans, receiving five out of five in its
"5-Cap" rating system for Rhode Island residents.
"The cost of college is out of control and too many Rhode
Islanders are having to take on student loan debt that they will be paying off
for decades," said Treasurer Seth Magaziner, whose office administers
CollegeBound. "Our office made Rhode Island's 529 program easy and
affordable for Rhode Island residents and it's great to see it recognized as
one of the best 529 plans in the country."
Before Treasurer Magaziner took office in 2015, the State's 529
program was consistently rated among the lowest in the nation. Treasurer
Magaziner launched a major overhaul of CollegeBound which now offers a
lower fee structure, an improved menu of investment options, and a new program
"A plan with 5 Caps offers outstanding flexibility,
attractive investments, and additional economic benefits (such as tax
incentives) that can offer a substantial boost in savings," according to
Rhode Island is one of only twelve states whose self-directed
529 plans scored five out of five, and one of only six states whose financial
advisor distributed plans received top marks.
CollegeBoundSaver, the flagship product available to Rhode
Island residents, offers accounts that are free to open and have no minimum
investments. Visit www.collegeboundsaver.com to