Colorado Governor Jared Polis signed a law yesterday that will set aside $100 for each newborn in the state to start a college fund.

The bill, HB 19-1280 states that beginning in 2020 and extending 20 years, the state will set aside the set amount and will cover each child born or adopted in Colorado.

The money will be placed and administered initially with CollegeInvest, a part of Colorado's Department of Higher Education. Parents have until the child is five years old to place the money in an account earmarked for post-secondary education. If the parent fails to open the account within the allotted time, the money will be transferred to another child.

The bill allows families to plan for their child's college education from birth and will parents to have the college fund started and set aside for their child's future education.

The initial $100 set aside may see adjustments up for inflation if necessary but ensures a child will have a stake in their educational future.