CollegeBound 529 is a 529 education savings plan designed to help individuals and families save for college. Features include tax-deferred growth; no minimums; no income limits; and investment management from Invesco, one of the world's leading independent investment management firms.
Learn more: Why CollegeBound 529
CollegeBound 529 is an advisor-sold plan. Investors should contact their financial advisor to open a CollegeBound 529 plan.
Advisors can download an enrollment form to open a CollegeBound 529 plan. Please call us at 800 410 4146 (ext. 0529) with questions.
A person of any age can be a 529 beneficiary as long as they have a valid Social Security number. The beneficiary does not need to be related to the account owner. The account owner can designate a child, adult or even themself as the beneficiary. The beneficiary can also be changed to a member of the family of the existing beneficiary without income tax consequences.1
1 For beneficiary changes to occur without federal or state income tax consequences, the new beneficiary must be a family member of the current beneficiary. Please see the Program Description for a definition of "Member of the Family."
Yes. The account owner chooses the investment portfolios, the beneficiary and the ultimate distribution of the money.
No. Funds can be used at eligible community colleges, public and private undergraduate and graduate universities, or vocational/trade schools across the country. View eligible institutions.
CollegeBound 529 does not require the beneficiary to attend college immediately after graduating high school. There are no restrictions on when a CollegeBound 529 account can be used to pay for college expenses.
CollegeBound 529 has program management fees, account fees and underlying fund expenses. Other fees, charges and exclusions may apply. Please see the Program Description for more information.
Yes. Families with children in grades K-12 can take federal tax-free withdrawals1 of up to $10,000 per year to pay for public, private, religious elementary or secondary school tuition. However, whether K-12 tuition will qualify for state tax benefits is still being determined on a state-by-state basis.
1 Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. Tax and other benefits are contingent on meeting other requirements, and certain withdrawals are subject to federal, state and local taxes. None of the State of Rhode Island, its agencies, Invesco Distributors, Inc., Ascensus College Savings Recordkeeping Services, LLC, nor any of their applicable affiliates, provide legal or tax advice. This information is provided for general educational purposes only and is not to be considered legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.
CollegeBoundfund became CollegeBound 529 on July 8, 2016. The State of Rhode Island selected Invesco, a leading global investment management firm, and Ascensus College Savings, an industry leader in administering 529 college savings plans, to enhance CollegeBoundfund with new investment options, lower costs and expanded services.
On July 8, 2016, CollegeBoundfund account records and balances were automatically transferred from Alliance Bernstein to Invesco and Ascensus College Savings.