We work with families to open a CollegeBound Saver Account which is the 529 plan sponsored by the state of Rhode Island. Throughout the years, families save a percentage of their annual income in their individual accounts. By the time their child is ready to go to college, Providence Promise fills the gap between the cost of attendance and the financial aid students receive. After graduating college or trade school, students contribute a percentage of their income back to Providence Promise in a way that is predictable, equitable, and manageable.
We have enrolled almost 200 students in the program so far and are aiming to enroll 500 students by the beginning of 2019!