RI’s CollegeBound Plan Ranked Among Best in Country
Tuesday, September 18, 2018
Rhode Island’s CollegeBound has been named one of the best 529 education savings plans in the country.
According to Savingforcollege.com, CollegeBound received five out of five in its “5-Cap” rating system for Rhode Island residents.
"The cost of college is out of control and too many Rhode Islanders are having to take on student loan debt that they will be paying off for decades. Our office made Rhode Island's 529 program easy and affordable for Rhode Island residents and it's great to see it recognized as one of the best 529 plans in the country,” said Treasurer Seth Magaziner, whose office administers CollegeBound.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRhode Island is one of only 12 states whose self-directed 529 plans scored five out of five, and one of only six states whose financial advisor distributed plans received top marks.
5-Cap Ratings
Each 529 plan is evaluated according to Performance, Costs, Features, and Reliability. Scores are assigned to each of these factors.
In addition, a Resident Upgrade score reflects any special benefits offered to residents of the plan's sponsoring state, such as state income tax deductions and tax credits.
Ratings for advisor-sold plans assume that the higher cost structure is justified by the professional advice, due diligence and time savings a financial advisor can provide.
Related Slideshow: New England College Rankings - U.S. News & World Report 2019
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