The holidays are a season of giving and many of us struggle to search for the perfect gift for the children in our lives.
One option to consider is giving the gift of education through CollegeBoundfund, Rhode Island’s tax-advantaged 529 college savings plan that helps families combat the rising cost of education.
“Contributing to a CollegeBoundfund may be a great option for Rhode Islanders who want to help a child pursue their educational goals,” said General Treasurer Gina M. Raimondo, who has CollegeBoundfundÂ® accounts for her two young children.
The good news is that while saving has never been more important, it’s also never been easier. Especially popular during the holiday season is CollegeBoundfund‘s online gifting tool, which offers a secure way for account owners to easily invite friends and family to make contributions of any size online.
A new report reveals that students graduating from Rhode Island colleges and universities had an average student loan debt of $31,156 in 2012, according to the Project on Student Debt at The Institute for College Access & Success. For students, this can translate into an overburdened financial outlook that results in career or life sacrifices and delayed retirement savings.
“Investing in CollegeBoundfund is an empowering way to show children that you support their future, both when they attend and graduate college with less debt,” said Gail Mance-Rios, Acting Executive Director of The Rhode Island Higher Education Assistance Authority (RIHEAA).
The Â Office of the Rhode Island General Treasurer oversees the 529 plan’s investments, which are managed by AllianceBernstein, and sponsored by the Â Rhode Island Higher Education Assistance Authority.