CollegeBound baby 1. What is CollegeBoundbabySM ? CollegeBoundbaby is an enhancement of CollegeBoundSaver, Rhode Island's 529 plan, designed to help families get an early start at saving for their child's higher education. Starting January 1, 2015, children born to or adopted by Rhode Island families are eligible for a $100 CollegeBoundbaby Grant to be used for higher education. The grant will be held and invested by The Office of the Rhode Island General Treasurer in a CollegeBoundSaver master account on behalf of the child until the child is ready to attend a higher education institution. CollegeBoundbaby is part of the State's ongoing commitment to investing in Rhode Island families. Originally developed in 2010, the newly designed CollegeBoundbaby program offers a streamlined process that makes it easier for all Rhode Island families to take advantage of the $100 grant opportunity. 2. What is CollegeBoundSaver? CollegeBoundSaver is Rhode Island's 529 college savings program designed to encourage individuals and families to save and invest for a child's future higher education expenses at an accredited college, university, vocational or trade school. CollegeBoundSaver benefits include low investment minimums to get started, tax-free earnings growth, an annual RI state tax deduction for contributions up to $500 for single filers and up to $1,000 for married couples filing jointly, no annual account fee and a wide range of investment options. The Office of the Rhode Island General Treasurer oversees CollegeBoundSaver and the plan's investments, which are managed by Ascensus College Savings (ACS). For more information, visit: CollegeBoundSaver. 3. Who is eligible to receive the $100 CollegeBoundbaby Grant? This offer is available for Rhode Island residents only. Children must be U.S. citizens or resident aliens who have a Social Security Number (SSN) or Federal Tax Identification Number. All children adopted in Rhode Island are also eligible to receive a CollegeBoundbaby Grant within their first year of adoption. (See question 12 for details regarding adoption.) 4. Will participating in the CollegeBoundbaby program cost us anything? No. Participation in the CollegeBoundbaby program is free. There are no fees, charges, or hidden costs to participate. 5. What if I gave birth in 2014? For children born to or adopted by Rhode Island residents in 2014, the CollegeBoundbaby Grant program requires the opening of a CollegeBoundfund account within one year of the child's birth or adoption to receive the $100 grant. For more information, visit collegeboundbaby.com. 6. This seems too good to be true. The CollegeBoundbaby program is the State's investment in the future of Rhode Island, one child at a time. Rhode Island is excited to become one of the first statewide programs in the U.S. to offer this life-changing program. 7. I'm not able to contribute to CollegeBoundSaver right now. Am I still eligible? Yes, you are still eligible! The CollegeBoundbaby program is a great first step in supporting a child's higher education savings. When ready, families can open up an individual CollegeBoundSaver account and contribute to their child's education. It takes only $10 to get started and account holders can also invite family members and friends to contribute for holidays, birthdays or other milestones. 8. This is great! How can I contribute and have family and friends contribute? If you would like to contribute directly to your child's college savings, you'll need to open your own CollegeBoundSaver account either through a financial advisor or by enrolling here. Once you've established an individual CollegeBoundSaver account, you can invite family and friends to make contributions for birthdays, holidays and other milestones. 9. How is the state getting my child's information? To receive the CollegeBoundbaby Grant, a parent or guardian must authorize the release of their information to The Office of the Rhode Island General Treasurer, through the Office of Vital Records Birth Worksheet during their hospital stay. All confidential information collected will be used exclusively to establish the CollegeBoundbaby Grant and for purposes of communication about CollegeBoundbaby, CollegeBoundSaver and other age-appropriate tips. Confidential information will not be shared with additional parties. 10. My baby was not born in Rhode Island, but I/we are residents. Can my child still receive the CollegeBoundbaby Grant? Yes. Children born out-of-state to Rhode Island residents are still eligible to receive the CollegeBoundbaby Grant until the child's first birthday. To register your child, you must complete the CollegeBoundbaby Authorization Form on Treasury's website and/or call (401) 574-9144 for more information. 11. We are moving/have moved out of Rhode Island. Will the grant still be available when my child goes to college? Yes, the CollegeBoundbaby Grant will still be available when your child is ready for college and with no penalty. The program exists to help families save for their child's college education and we encourage all Rhode Islanders to take full advantage of this benefit. If you have opened an individual CollegeBoundSaver account, you may maintain it as well, regardless of residency. 12. I adopted my child. Is he/she eligible? Yes, if the child was adopted by a Rhode Island resident, the parent or guardian must complete the CollegeBoundbaby Authorization Form within one year of adoption to receive the $100 grant. Call (401) 574-9144 for more information. 13. Does the CollegeBoundbaby Grant affect eligibility to receive TANF, WIC, subsidized housing, RIte Care, etc.? No. The CollegeBoundbaby Grant is held by The Office of the Rhode Island General Treasurer and will not affect an individual's public assistance status. 14. Does the CollegeBoundbaby Grant affect eligibility for college scholarships? No, the CollegeBoundbaby Grant should not be included in the calculation for financial aid, as it is considered a grant. 15. What can the CollegeBoundbaby Grant be used for? Qualified expenses include tuition, fees, room and board, books and other supplies required to attend an institution of higher education. 16. What if my child doesn't go to college or is unable to attend college directly out of high school? There is no penalty to families if your child does not enroll in college and use the grant. The CollegeBoundbaby Grant will be available until the child reaches 25 years of age. After that period of time, the grant funds will be reallocated to maximize educational opportunities for future grant recipients. 17. If my child doesn't go to college, can I transfer the grant to someone else? No. The CollegeBoundbaby Grant, including any earnings on the grant, may not be transferred to another child, may not be withdrawn for a purpose other than the funding of qualified higher education costs, and may not be transferred to another 529 plan. 18. How do I access funds when my child enrolls in college and is ready to use the funds? Funds will be disbursed by The Office of the Rhode Island General Treasurer and by the Program Manager (ACS) directly to the college or trade, vocational or technical school. When your child is ready to enroll, contact Treasury. 19. I didn't know about CollegeBoundbaby and I missed the deadline to enroll. Am I still eligible to receive the $100 CollegeBoundbaby Grant? Unfortunately, no. Enrollment is only available to families before the child's first birthday or within the first year of adoption. If your child was born prior to 2015, visit collegeboundbaby.com for more information.