Governor Polis Encourages Parents and Guardians to Take the First Step and Invest in Their Kid’s Higher Education Savings
DENVER - Today, Governor Polis, the Department of Higher Education, and CollegeInvest leaders highlighted CollegeInvest’s 529 educational savings programs. These transformational programs offer the opportunity for parents and guardians to start growing and saving funds for their children's future higher education costs. As Colorado Cash Back checks continue to provide real relief to Coloradans, CollegeInvest programs offer an opportunity for families to use their checks to start their savings process.
“With Colorado Cash Back checks reaching mailboxes around the state, I wanted to highlight CollegeInvest as an exciting opportunity for parents of young children to double your $750 or $1500 and start saving for your child’s higher education today. Coloradans with a child born or adopted after January 1st, 2020 can sign up now to get a free $100 credit with dollar-for-dollar matching of $1000 per year for the next 5 years after that. Investing in our children’s future is one of the best decisions we can make as parents, and the programs being offered will boost your child's college savings account,” said Gov. Polis. “I am committed to saving people money and providing real relief to all Coloradans so that people can keep more money in their pockets or start saving more for future costs.”
CollegeInvest is run through the Department of Higher Education and offers parents guidance in starting to save for their children's future. The 529 educational savings plans are completely free to start and make it easier for parents to begin saving and growing money for their children’s future. The savings funds can go towards any higher education path your child might choose, weather its a 4-year degree or a specialty certification. A variety of higher education costs like room and board fees, books, and software are eligible to be covered.
“Every dollar saved counts when it comes to paying for education, and First Step will help Colorado families get their college savings plans off to a strong start, right from the beginning. Opening a CollegeInvest 529 college savings account for a child at birth allows more time for savings to accumulate and interest to accrue,” said Angela Baier, CollegeInvest’s CEO. “And, we know that having a college savings account has significant impact on the development of college-bound identity, especially among children of limited opportunity."
One of the newest programs offered to Colorado residents through CollegeInvest, is the First Step Program. The First Step program offers a free-of-cost $100 contribution directly into a 529 savings account, which will then appreciate until the child starts higher education. Parents and guardians who adopt a child or have a child in Colorado after January 1st, 2020 could be eligible to sign up for free today and receive the $100 contribution. The First Step Program aims to jumpstart the savings process and support parents to take the first step in investing money for higher education. After the $100 contribution, the First Step Program will continue to help grow the account by matching investments added by guardians, dollar-for-dollar, up to $1,000 dollars per year for 5 years, for no extra cost to the parent. Parents and guardians who qualify can open a 529 savings account for free by visiting their site.
CollegeInvest offers a range of matching programs that support parents of different aged children and different qualifications in starting their savings. For more information on the Matching Grant Program or other programs offered, visit the CollegeInvest site.
As more Coloradans receive and cash their Colorado Cash Back checks in the upcoming weeks, CollegeInvest poses as a great way to invest the money, or a portion of it, into your child’s future. If you haven’t received your check by the end of August, contact the Department of Revenue’s Cash Back Call Center at 303-951-4996 to check on the status of your check. Those who have not filed their 2021 taxes yet, have until October 17 to do so and to receive your check by the end of the year or early next year. Please visit the site for more information: https://tax.colorado.gov/cash-back