By GALE CARROCCIA

Are you thinking about your child's higher education? Or

do you have a plan on how you are going to pay for your child's college,

the cost of which seems to be skyrocketing every year?

Recently, Rhode Island General Treasurer Frank T. Caprio

visited St. Rocco School’s students as part of a pilot program to reach out to

Rhode Island Catholic schools in an effort to increase awareness of the

state-sponsored tax-free 529

CollegeBoundfund

savings plan.

Caprio started his presentation by asking the children if

they had a piggy bank at home and explaining to them how their money can’t grow

while in that piggy bank.

He expanded the children's investment education by giving

them an example of going into a store to buy a pack of gum. The gum may cost

$1, but with sales tax it comes to $1.07. Caprio said the seven cents then

goes to the Rhode Island Treasurer’s Office and then the money gets invested.

"Now children, you have a very important homework

assignment to take this mouse pad home to your parents," said Caprio,

holding up a CollegeBoundfund

promotional mouse pad that comes with a flyer offering parents a chance to win

a CollegeBoundfund starter account

worth up to $500. “This program will grow your money tax-free to pay for a

college education down the road.”

To be eligible to win the starter account, a parent must

answer two questions and submit them by June 30, 2008.

There is also a second prize starter account of $250

and a $100 starter account as a third prize.

The college savings plan started in 1993, when

Treasurer Nancy Mayer was in office. The program was designed under the federal

Internal Revenue Code 529.

When withdrawn for college costs, any money in the

account is state and federal tax-free. Also, contributions to it count as Rhode Island state

income tax deductions.

The accumulated funds can be utilized at any institution

of higher education nationwide and many institutions internationally.

There is no minimum amount of money a parent or grandparent

can put in the fund. For more information, log on to

www.collegeboundfund.com/ri.