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 Families:

  • You will contribute about 1% of your gross annual household income for a period of 15 years for each enrolled child into your own personal 529 CollegeBound Saver Account, the plan sponsored by the State of Rhode Island. Your contributions are flexible, based on your income; if you become unemployed and have no income, your contributions will be lowered to $5 per month 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.

  • During the program’s first enrollment period, 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.

Sample Family Contributions Per Child:

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:

  • Students will have up to 10 years after graduating from high school, in addition to any years of military or philanthropic service, to enroll in an eligible college or trade school.

  • Students will be required to apply for all reasonable potential sources of financial aid.

  • Students will contribute to Providence Promise for approximately 10 years on average.

  • Like yours, students’ contributions will always be based on a their income; if his or her income goes down, contributions will go down.

  • After graduating from a higher education program, each student will have a grace period before his or her contributions begin. For example, if the student graduates in June, his or her contributions will typically begin in January of the following year.

Sample Student Contributions After Higher Education Graduation :

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

RI 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

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 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 >>