Special to the Herald
With September already here and my daughter, Arianna, getting ready to enter preschool, the excitement of a new school year can be felt everywhere. Soon, school …
Special to the Herald
With September already here and my daughter, Arianna, getting ready to enter preschool, the excitement of a new school year can be felt everywhere. Soon, school campuses will be bustling with activity and streets will be lined with yellow buses as kids return to the classroom. As a parent, I know this can be a stressful time. However, I urge you to add one more item to your back-to-school list this year: a savings plan for your child’s education.
We all want what’s best for our children. That’s why it is so important to plan now for their academic future. The cost of higher education has risen dramatically in recent decades. According to Forbes, the average cost of a college education increased by 180% from 1980 to 2020. September is College Savings Month and, regardless of your child’s age, it’s never too early to start saving for their educational future.
Fortunately, Rhode Island offers the CollegeBound Saver program, a tax-advantaged savings plan (sometimes referred to as a 529 plan) that helps Rhode Islanders to save for college as well as trade and vocation schools affordably and comfortably. Regardless of your current financial situation, this program can make higher education more attainable for your child by the time they graduate high school.
As Treasurer, I am working to ensure Rhode Islanders have the tools they need to succeed. As a parent of two young children, the future cost of their higher education weighs heavily on me. As the cost of higher education continues to increase, today’s savings will prove to be tomorrow’s returns. While investing always carries risk, participating in the CollegeBound Saver program over the course of your child’s life can have a dramatic impact on your child’s education future when the time comes for them to pursue their dreams.
*EDITOR’S NOTE: This guest opinion was submitted by Rhode Island General Treasurer James A. Diossa.