Secure A Full $2,500 CollegeInvest Match: Key Deadlines and Enrollment Details for CO Families

The CollegeInvest First Step Program is designed to encourage early savings for higher education by providing financial incentives for children born or adopted in the State of Colorado on or after January 1, 2020. Participation in the program is free, and a CollegeInvest 529 plan can be opened with a $0 initial contribution. Once enrolled in the First Step Program, CollegeInvest provides a one-time gift contribution of $118 to the child’s account.

“These accounts don’t have to be used only for traditional higher education at a two or four year institution; they can also be used for vocational schools, apprenticeships or certificate programs,” said Mike Keglovits ABLE & Special Programs Manager at CollegeInvest.

Furthermore, parents and legal guardians who enroll are eligible for a significant matching incentive. CollegeInvest will match $500 of your savings per year for five years, totaling up to $2,500 in additional gift contributions. While the initial gift and matching funds are not eligible for the Colorado state income tax deduction, any subsequent contributions made to the 529 account can be deducted. Grandparents and other family members can now also claim the $118 initial gift for an eligible child, but only the child’s parent or legal guardian is eligible for the $2,500 matching incentive. There can only be one First Step award per child, so parents and guardians are encouraged to apply so they can also benefit from the match in addition to the $118.

Currently, parents and legal guardians are eligible for a five-year match of $500 per year, which totals up to a generous $2,500. However, this is set to be reduced. Starting in January, the matching period will decrease to three years. To ensure you secure the full five-year, $2,500 match, you must enroll before the end of the 2025 calendar year.

“We really want to get families in before the end of the year because they will have an extra thousand dollars in matching funds that they will be eligible for,” said Keglovits. 

In terms of eligibility, the child must have been born in 2020 or later. Critically, for families who have adopted, any adoption completed since 2020 makes the child eligible for the program and the match, regardless of the child’s current age. Also, the child does not need to currently live in Colorado if they were born or adopted in the state. Alternatively, a child adopted in another state is eligible if they now reside in Colorado.

If you are interested in applying for an adopted child, please contact Mike Keglovits.  There is a special process for adopted children and Mike will be able to guide you through the easy process. To complete the enrollment, you’ll need to reach out directly to Mike Keglovits  mkeglovits@collegeinvest.org or call 303-376-8833 to complete the application. Additionally, if your child is in another type of permanency arrangement, such as the Relative Guardianship Assistance Program (RGAP), you should also work directly with Mike Keglovits to complete the enrollment.