CollegeInvest Matching Grant Program
You invest a dollar. We'll invest a dollar.
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 2009 calendar year, you must submit a completed application along with a copy of your 2008 federal income tax return between February 1, 2009, and May 31, 2009. If approved, you will receive a letter from CollegeInvest indicating your eligibility for a Matching Grant for the contributions you will make during 2009. Then, after December 31, 2009, 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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