CollegeBound Saver is a tax-advantaged savings plan that allows Rhode Islanders to save for college affordably and conveniently. Savings can be used at accredited colleges, universities, trade, and vocational schools worldwide, as well as for registered apprenticeship programs. Research indicates that children with college savings, even less than $500, are three times more likely to attend college and four times more likely to graduate. 

Benefits of opening a CollegeBound Saver account include:

  • Assets grow tax-deferred and withdrawals for qualified higher education expenses stay tax-free.
  • Savings can be used to pay for qualified expenses at any accredited higher education institution in the U.S. or abroad.
  • There is no minimum investment required.
  • Rhode Island taxpayers may receive a tax deduction of up to $1,000. (Please consult a tax advisor for information on your specific situation.)
  • You can change the beneficiary of your account at any time to a member of the former beneficiary’s family.

To learn more about CollegeBound Saver please visit www.collegeboundsaver.com or call (877) 517-4829.

To recognize the devastating impact COVID-19 has taken on Rhode Island, the General Treasurer’s Office is launching the Frontline Heroes Fund. This program provides any dependent person under the age of 25 who lost a parent or guardian (who was a frontline worker) to COVID-19 a $2,500 scholarship into a CollegeBound Saver account. Our focus is to honor the legacy of Rhode Island’s frontline heroes by supporting their loved ones and providing them with the opportunity to achieve their education goals.

To be eligible for the scholarship:

  • The beneficiary must be a dependent under the age of 25.
  • The applicant and beneficiary must both be Rhode Island residents.
  • The deceased parent or legal guardian must have been employed as a frontline worker at the time of their passing.
  • The applicant must review the Frontline Heroes Fund Terms and Conditions and complete a certification form before December 31, 2021.

Applicants who do not already have a CollegeBound Saver account must review the Terms and Conditions, complete a certification form, and an Enrollment application.
For questions or help with the application process, please call (401) 222-2397 or email frontlinefund@treasury.ri.gov where we will be ready to assist you.

Certification Form
Terms and Conditions

Reports and Publications

Rhode Island Higher Education Savings Trust - 2020 Audited Financial Statements
Rhode Island Higher Education Savings Trust - 2019 Audited Financial Statements
Rhode Island Higher Education Savings Trust - 2018 Audited Financial Statements
Rhode Island Higher Education Savings Trust - 2017 Audited Financial Statements
Rhode Island Higher Education Savings Trust - 2016 Audited Financial Statements