Rhode Island Higher Education Assistance Authority: Saving For College

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The Rhode Island Higher Education Assistance Authority recognizes the need for families to plan for the future by saving for their child's post-secondary education as early as possible. To help families meet their savings goals, the Authority offers the following:

The CollegeBoundfund, sponsored by the state of Rhode Island, is a flexible college savings program that helps make saving for a child’s higher education easier. Available to everyone-parents, grandparents, friends and family- it allows U.S. citizens and permanent residents to save today to meet the rising costs of higher education tomorrow.

CollegeBoundfund offers you many benefits:

Tax-Free Earnings - Your investment in Collegeboundfund grows federal and Rhode Island state income tax free. Distributions for qualified higher education expenses are also federal and Rhode Island state income tax free.
Tax-Deductible Contributions - Rhode Island taxpayers can now receive a state income tax deduction for contributions made to CollegeBoundfund of up to $1,000 for married couples filing jointly and $500 for individual filers. Contributions in excess of the annual limit can be carried forward to future years.
No Income Limits - Everyone can invest in CollegeBoundfund because there are no income limits restricting who is eligible.
Low Minimum Investments - If you are a Rhode Island resident and you sign up for one of the automatic investment plans available (convenient electronic deductions from your checking or savings account or your paycheck, if available) there is no minimum amount to open an account. If you choose to open an account by check or money order, you may do so with a minimum initial investment of only $250.
Experienced Investment Management - Your investments in CollegeBoundfund are managed by AllianceBernstein Investments, Inc., one the most experienced investment managers in the world with over $452 billion in assets under management. Investment oversight is provided by Rhode Island's State Investment Commission, chaired by General Treasurer Frank T. Caprio.
A Choice of Investment Options - CollegeBoundfund now offers an expanded choice of multiple investment options, including the Principal-Protection Income Portfolio (PPI). The objective of the Principal-Protection Income Portfolio is to generate higher returns than most money market funds from a portfolio of fixed-income securities protected from fluctuations in value typically associated with bond funds.

For more information on the CollegeBoundfund, including detailed information about each of the investment plans, or visit the CollegeBoundfund website:

www.collegeboundfund.com/ri/

Last Modified: May 25, 2007 02:03:29 PM

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