- Associated Press - Thursday, December 25, 2014

PROVIDENCE, R.I. (AP) - Contributions to Rhode Island’s tax-advantaged college savings plan have topped $1 million.

The Providence Journal reports (https://bit.ly/1A9lTj5) CollegeBoundfund is intended to encourage families to save for higher education expenses at accredited colleges, universities, and vocational or trade schools nationwide.

More than 25,000 CollegeBoundfund accounts have been established for Rhode Island beneficiaries with assets under management of more than $355 million.

The online gift tool is popular during holidays and other milestones.

Gail Mance-Rios, acting executive director of The Rhode Island Higher Education Assistance Authority, says contributing to a CollegeBoundfund account sends a message that donors believe in a child’s future and are invested in their education.

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Information from: The Providence Journal, https://www.providencejournal.com

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