Nov 18, 2023 02:13 AM EST
The CollegeInvest First Step Program, a significant initiative in Colorado, has been lauded for its success in aiding families to save for their children's future college education. The program, which was launched on January 1, 2020, has already awarded $1 million to over 10,000 families in the state.
This program was established as part of a bipartisan law, signed by Governor Jared Polis and sponsored by Colorado Senate President Stephan Fenberg and Representative Leslie Herod. It provides families with a free, one-time $100 contribution to a CollegeInvest savings account, with no cost to the parents or guardians. The program is fully funded by CollegeInvest and does not utilize taxpayer dollars or any fee.
The Colorado Government Invests in the Future of its Residents
The First Step Program is a testament to the commitment of the Colorado government to invest in the future of its young citizens. By providing financial support to families, the program aims to alleviate the burden of college expenses and encourage more students to pursue higher education.
Governor Jared Polis and the Colorado Department of Higher Education have announced that families who join the First Step program before the end of the year will receive "dollar-for-dollar" matching up to $2,500 for the next five years. This generous matching scheme further incentivizes families to save for their children's education and ensures that more students will have the financial means to attend college.
To qualify for the program, parents must have children that were either born or adopted in Colorado after January 1, 2020. The program can be utilized until the child reaches their fifth birthday. This eligibility criteria ensures that the benefits of the program are targeted towards families with young children, who have ample time to save for their college education.
Higher Education Director Angie Paccione emphasized that the program does not discriminate and can be used for any type of postsecondary education, including public and private colleges, universities, community colleges, vocational schools, and apprenticeship programs. This broad applicability ensures that all students, regardless of their chosen field of study, can benefit from the program.
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CollegeInvest and the First Step Program is the Beginning of a Brighter Future
CollegeInvest's CEO Angela Baier noted that the program not only helps Colorado parents save for their child's future but also helps create saving habits that will hopefully carry on into other parts of the residents' lives. By encouraging families to save regularly, the program not only secures the educational future of the children but also promotes financial literacy and responsibility among the parents.
The First Step Program is a shining example of how government initiatives can make a significant impact on the lives of its citizens. By providing financial support and encouraging saving habits, the program is ensuring that the future generation of Colorado will have the opportunity to pursue higher education and achieve their dreams.
The registration process is simple and straightforward, making it easy for families to take the first step towards securing their children's educational future. The minimal fee of $100 plants the seed towards a state with higher educated residents. Interested individuals and families that qualify can register for the program by visiting the CollegeInvest website.
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