RI's CollegeBound Rated One of Best Savings Plans in U.S., According to Report

RI's CollegeBound Rated One of Best Savings Plans in U.S., According to Report

Rhode Island’s education savings program CollegeBound has been rated as one of the best plans in the country by Savingforcollege.com.

"The cost of continuing education, whether at college or a trade school, is rising - with no end in sight. We are working hard to ensure that Rhode Islanders have an affordable and easy way to save for college,” said Treasurer Seth Magaziner.

Rhode Island is one of only 13 states whose self-directed 529 plans for state residents scored a perfect five-star rating in the ranking, and one of only six states whose financial advisor distributed plans received top marks.

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"This is a program that offers outstanding flexibility, attractive investments, and additional economic benefits (such as generous state tax incentives) that for some people, at least, will provide a substantial boost to their savings," said Savingforcollege.com in explaining their ranking of Rhode Island's program.

Prior to 2015, Rhode Island's 529 college saving program was consistently rated among the worst in the nation.