PROVIDENCE – Rhode Islanders will now be able to use dedicated college savings plans to pay for apprenticeship costs, R.I. General Treasurer Seth Magaziner announced Dec. 1.
Money saved through CollegeBound, the state’s 529 tax-advantaged savings plan, was previously designed for traditional postsecondary degrees. Under the expansion, savings plan participants will also be able to spend funds on costs associated with apprenticeship programs, according to a news release.
Magaziner in a statement emphasized the value and need for apprenticeship programs, particularly in in-demand fields such as health care. He reiterated this in a Dec. 1 panel discussion about the value and impact of apprenticeships, and the expansion of the CollegeBound program to pay for them. The event also featured David Langlais, vice president of the Building Trades Council; Andrew Cortes, executive director of Building Futures Rhode Island; and Laurie Moïse Sears, director of community health integration at ONE Neighborhood Builders, the release stated.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
