July 26, 2022

Keeping up with the rising cost of higher education may seem daunting, but a CollegeInvest Smart Choice College Savings Account (CSA) can help make saving for college easier. FirstBank and CollegeInvest are offering several added incentives to make the most of your college savings.

What is a CollegeInvest Smart Choice CSA?

Also known as a 529 account, a CSA may help individuals and families save for qualified higher education expenses through a qualified tuition program under Section 529 of the Internal Revenue Code.

These accounts offer tax advantages to Colorado residents, including tax-deductible contributions and tax-free distributions when used to pay for qualified educational expenses. Residents of other states may also receive state tax benefits from utilizing a 529 account.

Please consult a tax advisor.

What does FirstBank offer? 

FirstBank offers two Smart Choice College Savings Plans: a Money Market Savings account and a 1-Year Time Savings account.

The Money Market option is a liquid account that allows deposits and withdrawals at any time.

The 1-Year Time Savings option offers low-risk investment opportunities and higher interest rates by locking in your deposits for one year. Deposits can be made at any time, without extending the account’s maturity.

Learn more and get started at efirstbank.com

How to Maximize Your Savings

FirstBank has partnered with CollegeInvest to offer a series of incentives to make the most of your college savings. Here’s how:

Current Incentives Offered by FirstBank

FirstBank Smart Saver $50 Bonus1

Open a new CollegeInvest Smart Choice College Savings Account with FirstBank with at least a $50 opening deposit and set up automatic monthly transfers to receive a $50 bonus.

Current Incentives Offered by CollegeInvest2 

1. CollegeInvest 529 Scholarship Program 

Returning applicants enrolled in an accredited institution full-time may be awarded $2,000 for the 2022-2023 school year. 

The application period begins on August 1, 2022, and will close on September 30, 2022. The 529 Scholarship Program is closed to new applicants.

Applicant Requirements

  • Must be a Colorado resident
  • Must be the owner of a CollegeInvest 529 College Savings account
  • Applicants must be returning and received the scholarship in the past to be eligible
  • Must complete the FAFSA (we do not accept confirmation receipt pages or password-protected documents)
  • Must have an Expected Family Contribution (EFC) of up to $45,000 and not eligible to receive a Federal Pell Grant

Student Requirements

  • Must be the beneficiary of the CollegeInvest 529 College Savings account
  • Must be enrolled FULL-TIME in an accredited post-secondary institution (public or private college, university, trade, or vocational school across the country) in an undergraduate or graduate degree, or certificate program for the Fall Semester of the program year
  • Must be in FULL-TIME student status when the CollegeInvest 529 Scholarship Program is awarded

CollegeInvest 529 Account Requirements

  • Must be of one of CollegeInvest 529 Savings account types
    • Direct Portfolio
    • Scholars Choice
    • Smart Choice
    • Stable Value Plus
  • Must have been opened and maintained for at least four years prior to application
  • Must have a minimum balance of $2,000 on the last day of the application period.

Visit CollegeInvest.org to see a complete list of requirements and apply.

2. Matching Grant Program

CollegeInvest will provide eligible account owners with $1,000 in matching funds for up to 5 awards for a total of $5,000 – when they open and contribute to a CollegeInvest 529 College Savings Account.

The 2022-2023 program year will open for applications in October 2022.

Applicant Requirements

  • Must be a Colorado resident
  • Must be able to claim the beneficiary as a dependent on your Federal Tax forms
  • Must be the Parent/Guardian of the 529 CollegeInvest Savings account
  • Must have a Family Adjusted Gross Income (AGI) at or below the figures outlined on Collegeinvest.org

Beneficiary Requirements

  • Must be the beneficiary (child, grandchild, etc.) of the CollegeInvest 529 Savings account.
  • Must be 8 years old or younger at the time of the initial application
    • After the first application year, the beneficiary does not have to meet the maximum age limit
  • Must not be over the age of 18 at the end of the current program year
  • No more than one application per beneficiary per year will be accepted for a Matching Grant in connection with the contributions to their CollegeInvest account(s)

CollegeInvest 529 Account Requirements

  • Must be open at time of application (account number will be required to apply)
  • Applicant must be the CollegeInvest 529 Savings Account Owner
  • Have the child as the Beneficiary
  • Only one Beneficiary per account
  • If you have more than one Beneficiary, you must submit a separate Application Form for each and they must also individually meet the eligibility requirements
  • Be funded by the end of the contribution period
  • The match is up to the first $1,000 contributed to the account of the current Program year

Visit CollegeInvest.org/matching-grant-program for a full list of requirements and to apply.

3. First Step Program

A one-time $100 gift contribution from CollegeInvest is granted to any child born or adopted in the State of Colorado on or after January 1, 2020. Better yet, any future CSA contributions will be matched dollar-for-dollar, up to $1,000 per year for 5 years, through the CollegeInvest Matching Grant Program.

What You Need to Receive $100

  • An established CSA account prior to application
  • Birth Certificate of the beneficiary

Visit CollegeInvest.org/first-step/  to see a complete list of requirements and apply.

DISCLOSURES

  1. $50 bonus offer valid for CollegeInvest 529 Savings Plan Accounts opened. Limit one gift per beneficiary. FirstBank College Savings Accounts do not have a minimum balance, but a minimum opening deposit of $50 and an automatic transfer into the FirstBank College Savings Account(s) of at least $1 is required to receive the gift. The First Step by CollegeInvest program does not qualify as the opening deposit to receive this bonus. Transfers must have at least a monthly occurrence for six consecutive months. Offer subject to change at the sole discretion of FirstBank. The $50 award is considered interest and is subject to IRS and other tax reporting. The award will be given at account opening. Certain restrictions apply. Please consult your tax advisor regarding tax benefits.
  2. The CollegeInvest 529 Scholarship, Matching Grant, and First Step programs are administered and funded by CollegeInvest.

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