PROVIDENCE, R.I. (WPRI) — There’s a new company in charge of Rhode Island’s college savings program – which means more jobs for the Ocean State.
The company, Ascensus, is starting with 35 new jobs in Rhode Island, and they expect to expand.
At a ribbon cutting at the new office in Warwick on Monday, General Treasurer Seth Magaziner announced the jobs. He also mentioned that, because of the new partnership, Rhode Island families can expect to pay less in fees for their College Bound savings plans.
“It’s a low-cost plan where you can save money for college and then you don’t have to pay the capital gains tax when it comes time to spend it,” he said. “Rhode Islanders are still going to have access to the tax advantages that they’ve always had under College Bound, but now they’re going to have lower fees and we’re going to be working with one of the best partners that does 529 work in the entire country.”
In the state, 18,500 residents currently have College Bound savings plans.