James Diossa, General Treasurer, State of Rhode Island
September 24, 2024
September is College Savings Month! With the cost of higher education rising at an unprecedented rate, it’s never too early to start saving for your child’s future.
As someone who grew up in a working-class family, I understand the challenges that many people can face. My parents did not have the opportunity to attend college. They immigrated to Rhode Island, motivated by a dream of a better life for their family, worked endless hours in low-paying jobs, and instilled the value of education in me. However, they couldn’t put money aside for my higher education. I was on my own and had to rely on loans to pursue my college education.
After graduating from Central Falls High School, I attended the Community College of Rhode Island before transferring to Becker College. There, I was able to become the first in my family to receive a college diploma. While this was a very special milestone, with that diploma came with tens of thousands of dollars in debt that I continue to pay to this day.
This is why, as the General Treasurer of the State of Rhode Island, I want to ensure that a student’s dream of pursuing a higher education is not deferred by financial challenges.
Thankfully, with 529 plans across the country, families can save for their children’s future educational goals. These plans allow for families to save for education in an easy, flexible, and tax advantaged way. The money you invest into a 529 plan can be used for the cost of colleges, universities, trade and vocational schools, and even apprenticeship programs. These savings can be used for more than just tuition, room, and board. You can use your savings for other expenses like books, computers, and other related expenses. You don’t need a lot of money to get started. In fact, even setting aside a few dollars a month can make a big difference over the course of several years.
By using a 529 plan to invest in your child’s education today, you will be building a pathway to opportunity for them tomorrow. I urge you to visit https://www.collegesavings.org/529-search-and-comparison for more information.
About the author:
James Diossa is the General Treasurer of the State of Rhode Island. As General Treasurer and Chair of the State Investment Commission, he serves as the administrator of Rhode Island’s two 529 plans, CollegeBound 529 and CollegeBound Saver. Visit collegeboundsaver.com for more information on ways to save through a 529 plan.