Good News from Rhode Island!

Wednesday, December 10, 2014

Today was a great day for children in Rhode Island!

At a packed and inspiring event at the Community College of Rhode Island, Governor-elect Gina Raimondo and a host of community leaders, educators, and child advocates announced the expansion of the CollegeBoundBaby program, which will now provide a $100 seed deposit in the children's savings account of every child born or adopted in Rhode Island.

All parents need to do is check a box on a form provided at the hospital or through other community partners, and the account is opened with no requirement that parents deposit their own money. Given AEDI research which suggests that these assets can increase students' engagement with and attainment of education, as well as provide an asset foundation for later economic mobility, today may prove a decisive turning point in the education and financial statuses of Rhode Islanders.

We were delighted to be part of the launch and congratulate Rhode Island on other significant steps taken to make their 529 college savings plan a potent tool for children's asset building, including the lowering of the opening balance requirement for family-held accounts from $250 to $25, as well as the creation of an online gifting tool that has seen $1 million in deposits from third parties to children's accounts.

There is real momentum in states around the country, and particularly here in the Northeast. We are delighted to see AEDI research used to fuel these developments and encouraged about what such policies may mean for the future of national CSA traction.

But the real star of today's event was baby Alice, there to represent the Rhode Island children who will benefit from this investment.

Today is about them.

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New Book Released

Today’s student loan system is in place because of a political compromise, and growing discontent with student debt may signal that this arrangement has run its course. While there are resources and organizations in place to help those struggling with debt, the time has come to consider a new direction for financial aid, William Elliott III and Melinda Lewis argue in “Student Debt: A Reference Handbook.”

Why KU
  • One of 34 U.S. public institutions in the prestigious Association of American Universities
  • Nearly $290 million in financial aid annually
  • 44 nationally ranked graduate programs.
    —U.S. News & World Report
  • Top 50 nationwide for size of library collection.
  • 23rd nationwide for service to veterans —"Best for Vets," Military Times