Colorado’s governor and director of higher education on Thursday celebrated the success of the CollegeInvest First Step Program, which to date has awarded $1 million to more than 10,000 Colorado families saving for their children's future college education.
The CollegeInvest First Step Program has awarded $1 million to more than 10,000 Colorado families saving for their children's future college education.
According to information provided by the CDHE, the CollegeInvest First Step program helps families begin planning and saving for their children's college education by depositing $100 into a CollegeInvest savings account at no cost to the parents or guardians.
Gov. Jared Polis and the Colorado Department of Higher Education said families who have joined the First Step program or who decide to join the program before the end of the year will receive “dollar-for-dollar” matching up to $2,500 for the next five years.
The First Step program was part of a bipartisan law that was signed by Polis and sponsored by Colorado Senate President Stephan Fenberg and Rep. Leslie Herod.
It began on Jan. 1, 2020, and is funded fully by CollegeInvest. It does not utilize taxpayer dollars or any fee.
Polis noted the importance of planning for postsecondary education, adding that he is committed to helping residents of Colorado be able to afford college or other high education programs for their children.
“It is never too early to start planning for your child's postsecondary education, and I am thrilled that more than 10,000 families have enrolled in the First Step savings program and received the free $100 contribution from CollegeInvest. I encourage all families who qualify to begin saving and enroll today,” Polis said.
This program was created to help Colorado families with a free, one-time $100 contribution to their CollegeInvest savings account to go toward postsecondary learning.
To qualify, parents must have children that were either born or adopted in Colorado after Jan. 1, 2020. This program can be utilized to get a head start on college saving until the child reaches their fifth birthday.
Those who enroll before the deadline of Dec. 31 will receive dollar-for-dollar matching for $500 a year or up to $2,500 total for the first five years of the account.
Higher Education Director Angie Paccione said the opportunity doesn’t discriminate, and no matter what type of college or career the child wants to go into, the funds will be used to help them as they work to achieve their goals.
“When you create a new way to meet the needs of Colorado families, it’s not surprising to see this level of participation and engagement,” Paccione said. “Whatever option a student is interested in from public and private colleges, universities, community colleges, vocational schools and apprenticeship programs, that child will be well on their way to make their dreams come true when the time comes.”
CollegeInvest’s Chief Executive Officer Angela Baier noted that this 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.
“First Step makes an incentivizing down payment on higher education savings for thousands of new and adoptive parents in Colorado and is proving to be a valuable investment in Colorado’s future,” Baier said. “So far this year, our matching incentive program is working exactly as intended. It has already added more than $5 million directly to the savings accounts of thousands of Colorado families. Participating Colorado families have saved an average of $3,292 on their own in the first year, establishing a strong savings pattern that will hopefully continue for years to come.”
Interested individuals and families that qualify can register for the program by visiting www.collegeinvest.org/first-step/.
