For many families across the state, paying for college is a daunting, overwhelming and even scary thought. As of January 1, Colorado is helping to lessen this burden and inspire all children to achieve a higher education.
Through the First Step program, all babies born or adopted in Colorado can now get a $100 contribution to a CollegeInvest 529 college savings account. Students can later use these funds at any public or private college, university, community college or vocational school. This program encourages families to start saving for their child’s post-secondary education and makes the goal of a college education more obtainable.
According to CollegeInvest, children aged twelve to eighteen with a college savings account are twice as likely to expect to go to college as those without. First Step connects families to these important accounts and provides a jump start on the path to high education.
The First Step by CollegeInvest program launched January 1, 2020, and families can apply online starting Tuesday, February 18, 2020. The child must be a U.S citizen or resident alien with a social security number or federal tax identification number. The application must be completed before the child’s 5th birthday.
To apply for this one-time $100 contribution, parents can open a 529 Savings Account through CollegeInvest, naming the child as the Beneficiary. Once this tax free account has been set up, they can apply for the First Step program. The application is available on the CollegeInvest website. This process requires the account number of the CollegeInvest account and a copy of the child’s birth certificate or adoption documents.
Learn more about CollegeInvest and the First Step program here.