How the Program Works
Each family who enrolls in the program will open a 529 CollegeBound Saver account, the plan sponsored by the State of Rhode Island.
You will contribute an average of 1% of your gross annual household income for a period of up to 15 years for each enrolled child into your own personal 529 CollegeBound Saver Account.
Contributions to your account are flexible, as they are always based on your income. If you become unemployed and have no income, your contributions will be lowered to $5 per month per enrolled child until you have a source of income.
If your child decides not to pursue higher education or if you withdraw from the program, this account and its funds remain yours.
After you make your first contribution to your 529 account, Providence Promise will provide a $100 contribution to your account. Additionally, Providence Promise is implementing a College Savings Incentive Program, in which families and students alike may participate.
With the College Savings Incentive Program, families and their children can earn extra college savings dollars by achieving specific goals (such as students earning good grades or participating in after school programs, or parents/guardians participating in the Parent Council, among other things). Providence Promise will invest these funds into your 529 account.
Sample Family Contributions Per Child:
Total contribution per child over 15 years: $1,125
Total contribution per child over 15 years: $4,050
Total contribution per child over 15 years: $8,550
Providence Promise believes strongly in the power of family engagement, and that families are our best allies in the work to improve the future educational and occupational success of our children. With that, a key focus of the Providence Promise program is facilitating a robust Family Engagement Program to best serve the needs and desires of our families and students. To this end, some of the Family Engagement opportunities include:
Upcoming Events and Activities
Annual 529 Day Celebration: Each year on May 29th, the National 529 College Savings Plan Day, Providence Promise hosts an event to celebrate the success of Providence Promise families in their college savings journeys, introduce children and families to a host of college and career centered activities, and resources, and build community.
College and University Tours: Providence Promise will coordinate tours of local colleges and universities for interested families and their children at least 3 times per year. These tours are open to children of all ages, as we believe that it is critical for children to begin picturing themselves on college campuses from a young age.
The Follow Your Dreams Tour: In partnership with local rap educator, Mr. Deep Posivitiy, Providence Promise will continue bringing the Follow Your Dreams Tour to Providence Public School and Charter Schools. To date, the tour has reached 16 Providence schools and over 10,000 students and their families.
Workshops: Workshops on on topics suggested by members of the Parent Council will be conducted every other month. Examples of upcoming topics include “Options for Higher Education: The differences, pros, and cons of community college, four-year college, and trade/technical school” and “Financial Literacy Basics: Budgeting & Saving.”
The Parent Council typically meets once per month. The Council currently consists of 15 members. All Providence Promise families are welcome and encouraged to join the Council at any time. Some opportunities and responsibilities of the Parent Council include:
Providing feedback and making recommendations
Selecting workshop topics
Planning events like the 529 Day Celebration and College Tours
Advising the Youth Council
Meeting with elected officials and other community leaders
Youth Council: Per the recommendation of our Parent Council, we are working to establish a Youth Council. The Youth Council will consist of students in the 7th grade and above, and will focus on volunteer work, civic capacity, financial literacy basics, and higher education.
Parent Board Members: By June 30th, two Parent Council Members will be elected to Providence Promise’s Board of Directors. These Parent Board Members will serve as liaisons between the Parent Council, the larger group of Providence Promise families, and the Providence Promise Board. As members of the Board, the family representatives will attend and participate in monthly meetings, and then report back to the Parent Council and other Providence Promise families.
Resource Directory: Providence Promise is compiling an extensive Resource Directory, which will be made available to families both in print and digitally. This Directory includes the names, descriptions, and contact information for a host of community resources. This includes health, food, legal, and other support services. Additionally, the Resource Directory outlines various after school programs and activities for students in K-12.
Student Enrollment Information for Parents
For the current enrollment period, 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 >>