CollegeInvest Matching Grant Program
You invest a dollar. We'll invest a dollar.
Please note: The CollegeInvest Matching Grant Program is closed for 2010. Please check back on February 1, 2011, when the 2011 program opens.
What is the CollegeInvest Matching Grant Program?
The CollegeInvest Matching Grant Program is one more reason to feel good about living in Colorado. Designed to help middle- to lower-income Colorado families save for higher education, this matching grant program can provide eligible account owners with matching funds when they open and contribute to a CollegeInvest 529 College Savings Program account.
How does it work?
Each year, you can apply between February 1 and May 31 to be pre-approved to receive a Matching Grant for contributions you will make to your CollegeInvest account during that calendar year. To apply, you and your family must meet the eligibility criteria, then submit a completed application along with a copy of your federal income tax return from the previous calendar year. If you are pre-approved, you will receive written confirmation from CollegeInvest indicating that you are eligible for a Matching Grant for any contributions you make during that calendar year.*
Then, in February of the following year, CollegeInvest will open a Matching Grant Account for your child/children and match each dollar you contributed during the previous calendar year, up to $500 per account, subject to availability of funds. You could qualify for up to $500 in funds to match your contributions to each child's CollegeInvest account. Please note, only one Matching Grant Account can be established per beneficiary.
For example: To apply for a Matching Grant for the contributions you will make during the 2010 calendar year, you must submit a completed application along with a copy of your 2009 federal income tax return between February 1, 2010, and May 31, 2010. If approved, you will receive a letter from CollegeInvest indicating your eligibility for a Matching Grant for the contributions you will make during 2010. Then, after December 31, 2010, CollegeInvest will match your contributions up to a maximum of $500 per child.
Don't think it's impossible to save!
You are always better off having something set aside for college. If you can invest even $25 a month in your child's account for one year, you will have saved $300 and CollegeInvest will put in another $300 in matching funds. And, as long as you continue to meet the requirements and apply each year, you may receive contributions matching yours for up to five years.* If you can keep saving $25 a month for five years, you will have invested a total of $3,000 with your savings and CollegeInvest's matching funds.
* Matching grant rates and awards are subject to the availability of funds.
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