The First Step Program is a free jump-start college saving program for every Colorado newborn. Through First Step, any child born or adopted on or after January 1, 2020 in Colorado is eligible to receive a free $100 contribution to a Scholars Choice Education Savings Plan account.
2 simple steps:
- With the help of your financial professional, open a Scholars Choice account at scholars-choice.com. (The Account Owner must be a parent/legal guardian and the eligible child as the Beneficiary.)1 Your savings and earnings grow tax free if the funds are used for qualified expenses.2
- Contributions you make to your account are eligible for a Colorado income tax deduction for Colorado taxpayers.3
- Savings can be used anywhere in the country, at almost any college, university, community college, trade school or vocational program.
- Apply for the program online at collegeinvest.org/first-step. You will need the child’s savings account number and their birth certificate state file number. If you and the Beneficiary meet all the eligibility requirements, you will be notified by email from CollegeInvest and the $100 contribution will be deposited in your CollegeInvest account within 30 business days.
Apply by 12/31/23 and CollegeInvest will match your future contributions up to $2,500! All First Step recipients qualify for this matching – once you receive the $100 from First Step, CollegeInvest will match your future contributions dollar-for-dollar, up to $500 per year for the next 5 years!*
For more information about the Terms & Conditions, go to collegeinvest.org/first-step.