CollegeBound Saver is a tax-advantaged savings plan designed to encourage Rhode Islanders to affordably save for college. As a "529 plan", investments and earnings can be used at accredited colleges, universities, vocational school and trade schools across the nation.

Benefits of saving for a child’s education through CollegeBound Saver include:

  • Assets grow tax-free, and withdrawals for qualified higher education expenses are also federal income-tax free.
  • Savings can be used to pay for qualified expenses at any accredited higher education institution in the U.S.
  • Rhode Island residents can open an account with as little as $1 per month.
  • 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 any other member of the former beneficiary’s family.

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

CollegeBoundbaby is an enhancement of CollegeBound Saver and is designed to help Rhode Island families get an early start on saving for their children's higher education.

Every child born to or adopted by Rhode Island families is eligible for a $100 CollegeBoundbaby grant to be used for higher education.

The grant will be held and invested by the Office of the General Treasurer in a CollegeBound Saver master account on behalf of the child until the child is ready to attend a higher education institution.

Parents can easily apply for the grant when they check the box on the "Birth Worksheet" at the hospital or they can download, complete and return the form before their child's first birthday.

The grant is also available to Rhode Island residents who adopt a child and submit the enrollment form within one year of the child's adoption date.

Completed forms should be sent to: 

Office of the General Treasurer
Attn: CollegeBoundbaby
1 Capitol Hill, 4th Fl
Providence, RI 02908

Learn more at

Reports and Publications

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