The CollegeBoundfund® Matching Grant Program is designed to help low- and moderate-income Rhode Island families save for higher education. The Matching Grant Program will provide eligible participants with matching funds when they open and contribute to their child's CollegeBoundfund® 529 College Savings account.

Rhode Island Resident: The CollegeBoundfund® participant (e.g. parent, grandparent, uncle, aunt, etc.) and beneficiary (child) must be Rhode Island residents.

Dependency Requirement: The participant must be able to claim the beneficiary as a dependent for tax purposes.

CollegeBoundfund® Account: The participant must establish and make payments to a CollegeBoundfund® 529 College Savings Plan for the child beneficiary. A CollegeBoundfund® account may be established at http://www.collegeboundfund.com/ri/.

Child Age Requirement: The CollegeBoundfund® account must be opened and established before the child beneficiary's 11th birthday.

Income Requirement: To receive matching grant funds, the participant must meet annual income guidelines which can be found on the income guidelines page. Income guidelines are updated every year.

Matching Amounts: For each year that the participant is eligible, RIHEAA will match up to $500 of contributions made to the account for the beneficiary. Those eligible for the $2 for $1 level may receive a maximum annual matching award of $1,000.

Five Year Limit: A single beneficiary may receive no more than five conesecutive years of matching grant awards.

Application Process: The participant must submit an application between January 1 and April 30 of each year following the year in which he or she contributed to the account for the beneficiary.

Full Official Program Description: Download a full official description of the program.