How the Program Works


“With the rising cost of education, this program gives us peace of mind that we will be able to have money saved for college, as well as help from the program to pay for our children’s education.”
— Providence Promise Parent

How the Promise Works for Parents:

  • You will contribute about 1% of your gross annual household income for a period of 15 years for each enrolled child. Any amounts in excess of 2% may be deferred.
  • Your contributions are based on your income. If your income goes down, your contributions go down; if you become unemployed and have no income, your contributions will be lowered to $5 per month until you have a source of income. The same is true for your child after graduation.
  • Your contributions start when you enroll your child in the program.
  • In the program’s first year (2017/2018), Providence Public School and Providence Public Charter School students through the eighth grade will be eligible. In subsequent years, parents must enroll their child by the time he or she enters the Providence Public School system.
  • Your contributions will be deposited in the State of Rhode Island’s 529 College Bound Saver program, which is administered by Ascensus. CollegeBound will issue statements to you quarterly.
  • If your child decides not to pursue higher education or if you withdraw from the program, this account remains yours.

Sample Parent Contributions Per Child Based on Gross Annual Household Income:

Household income:

$10,000

Monthly contribution:

$6.25

Total contribution per child over 15 years: $1,125

Household income:

$30,000

Monthly contribution:

$22.50

Total contribution per child over 15 years: $4,050

Household income:

$50,000

Monthly contribution:

$47.50

Total contribution per child over 15 years: $8,550

“It’s easy to sign up and everyone is so helpful.”
— Providence Promise Parent

How the Promise Works for Students:

  • After graduating from high school, your child will have up to 10 years, in addition to any years of military or philanthropic service, to enroll in an eligible college, trade school or technical school.
  • Your child will be required to apply for all reasonable potential sources of financial aid.
  • After graduating from college, trade school or technical school, there will be a grace period before his or her contributions begin. For example, if your child graduates in June, his or her contributions will typically begin in January of the following year.
  • Your child’s contributions, like yours, will always be based on a percentage of their income; if his or her income goes down, contributions will go down. 
  • Your child will contribute to Providence Promise for approximately 10 years on average.

Sample Student Contributions After Higher Education Graduation Based on Gross Annual Household Income:

New England Tech

$309 / month

Total Cost Per Year: $34,826

Annual Cost After Financial Aid: $14,419

Years in School: 2

Total Cost: $28,838

Parent Contributions (529 plan): $4,050

Providence Promise Gap Funding: $24,788

Annual Average Student Starting Salary: $37,097

Monthly Student Contribution (1st Year): $309

Average Contribution Period: 7 years

Rhode Island College

$351 / month

Total Cost Per Year: $17,292

Annual Cost After Financial Aid: $7,742

Years in School: 4

Total Cost: $30,968

Parent Contributions (529 plan): $4,050

Providence Promise Gap Funding: $26,918

Annual Average Student Starting Salary: $42,100

Monthly Student Contribution (1st Year): $351

Average Contribution Period: 7 years

University of Rhode Island

$431 / month

Total Cost Per Year: $24,036

Annual Cost After Financial Aid: $17,149

Years in School: 4

Total Cost: $68,596

Parent Contributions (529 plan): $4,050

Providence Promise Gap Funding: $64,546

Annual Average Student Starting Salary: $51,731

Monthly Student Contribution (1st Year): $431

Average Contribution Period: 13 years

Providence College

$451 / month

Total Cost Per Year: $62,840

Annual Cost After Financial Aid: $20,000

Years in School: 4

Total Cost: $80,000

Parent Contributions (529 plan): $4,050

Providence Promise Gap Funding: $75,950

Annual Average Student Starting Salary: $54,094

Monthly Student Contribution (1st Year): $451

Average Contribution Period: 15 years

Student Enrollment Information for Parents

For the 2017/2018 school year, students in the Providence Public School system through the eighth grade will be eligible to enroll in the Providence Promise program. In subsequent years, parents must enroll their children by the time their child enters a Providence Public School or Providence Public Charter School. Questions? Contact Us >>