PROVIDENCE, RI - Mayor Jorge Elorza, Secretary of State Nellie
Gorbea, Providence Promise families, and other members of the local community
joined Providence Promise yesterday afternoon at the State House Library to
announce and celebrate the enrollment of the program’s 250th Promise student.
Each Promise Student has their
own 529 college savings account and will be eligible to receive up to $20,000
per year in “Gap Funding” to finance a higher education program of their
choice, including two-year and four-year colleges and universities, as well as
trade and technical schools. Families contribute approximately of 1% of their
household income to each child’s 529 account for a period of 15 years, and
after graduating from their higher education program, students will contribute
approximately 9% of their income for an average of 10 years. Through the end of
2019, Providence Public School students in the eighth grade and below will
remain eligible for enrollment in the program; after this time, only students
entering the school district for the first time will be eligible.
Beginning in the fall of 2017,
the program initiated its recruitment and enrollment efforts of Providence
Public School students in grade eight and below. Cities, counties, and states
across the country have joined the Promise Movement in an effort to make
post-secondary education accessible and affordable for more students.
Providence Promise is one of more than 200 programs in over 40 states.