Governor Raimondo Proposes Two Years Of Free College.
How Does It Affect My College Savings Plan?
Governor Gina Raimondo unveiled her plans to offer every Rhode Islander two years of free college.
The Governor’s free-college plan covers the entire cost of tuition and mandatory fees for full-time students who qualify for in-state tuition earning an associate’s degree at CCRI. At RIC and URI, the scholarship will cover tuition and fees for a student’s junior and senior years.” – Press release on RI.gov.
Although the bill has not been passed into law, the proposal has ignited a debate about the escalation of college costs, and the financial difficulty families face in trying to save for their child’s college education.
According to the Department of Education, college costs for four-year public schools are increasing at a pace 6.6% per year. And developing a college savings plan can be a daunting task if you’re going it alone. How much to save, where to invest your savings, what accounts receive a tax benefit and which ones don’t, are just a few of the questions that face parents today. It can leave parents trying to save for their child’s education confused and deflated.
At Independence Financial Partners, we provide you with a Financial Advisor that will take the time to sit down with you, explain your options, and create a financial plan that is tailored to your particular situation and risk tolerance.
As a Rhode Island-based firm with over 100 years of experience, we’ve helped thousands of Rhode Islanders plan for their financial future. Whether Governor Raimondo’s legislation becomes law or not, one of our 60 local advisors can help you navigate the changing landscape of college savings plans, their tax benefits, and the myriad of investment options available to you through our locally-based research team.
Here are three ways Independence Financial Partners can help you save for college:
- Age-adjusted asset allocation. We will develop a plan that adjusts your investments as your child grows. The last thing you want is to have your college savings wiped out by risky investments just as your child is about to start college.
- We bring Wall Street research to Main Street Rhode Island. It’s easy to get lost in a large investment firm or bank since you are one of their thousands of clients. At IFP, you’re a highly valued client. Our in-house Investment Advisory Group provides market research utilizing our network of investment experts from the best investment firms in the country. We bring you investment ideas and market information that rival the research from big investment firms.
- A customized financial strategy. From 529 plans to mutual funds, to retirement planning, at Independence Financial Partners, we can help you with personalized strategies that may help lighten the burden of student loan debt for your children.
Please call our office today or visit our Contact Us page and together, we can begin planning for the future.