Frequently Asked Questions
Have a question? Read the below Frequently Asked Questions or contact us today!
Q: Who is eligible to enroll in the Providence Promise?
A: Families with children in Providence Public Schools or Providence Public Charter Schools, up to the ninth grade. Families who live in Providence and have children who are not yet of school age may also enroll as early as birth.
Q: Will I get my money back if I withdraw from Providence Promise?
A: If you withdraw from the program, the money you have saved in your 529 account is still yours.
Q: What happens if I lose my job after enrolling in Providence Promise and have no income?
A: If you do not have an income, your monthly contribution will be reduced to $5. You and your child will still be in good standing with Providence Promise.
Q: What happens if I have an income but cannot make payments?
A: The Providence Promise team will work with you to resolve the issue!
Q: Which colleges and technical/trade schools are eligible?
A: Any school in the continental United States that has an accredited program.
Q: What if I am not a citizen and/or do not report income to the IRS?
A: Opening a 529 CollegeBound Saver account requires a Social Security Number or ITIN, but a friend or family member may open the account on your behalf if you do not have one.
Q: Will I receive a statement showing my payments?
A: Yes, you will receive a quarterly statement from CollegeBound Saver showing your payment history.
Q: How do I know my money will be there?
A: To ensure safety and security, you will make contributions into your personal, individually owned 529 account.
Q: What if I move to another state or my child leaves the Providence Public School System?
A: You can continue in Providence Promise as long as you keep contributing and your child has been in the program for at least four years.
Q: Can I transfer the benefits of the program to another sibling/child in my family?