Boston is giving every public school kindergartner $50 to promote saving for college or career training

(CNN)Saving for college isn’t easy, especially with the rising cost of tuition, so the city of Boston is giving students a head start on the first day of school this year.

“Boston Saves has proven to be an essential part of providing families with the tools to save for their children’s post-secondary future,” said Boston Mayor Martin J. Walsh in a statement. “I am pleased to announce the citywide expansion of Boston Saves, providing more families with these resources and strengthening the investment we are making in Boston’s youth.”
The city-wide program aims to provide broader access to college and careers for Boston families and to create a culture where students begin preparing earlier for life beyond high school. City officials cited a 2013 Washington University in St. Louis study that found that a child from a low-to-moderate-income home with at least $499 in their account before reaching college age “is more than four times more likely to enroll in college than a child with no savings account.”

    How Boston Saves works

    Boston Saves is intended to encourage families to engage in better financial planning.
    The money can be used for college or career training, officials said. Neither the student nor the family can access the money until the student enters college or career training. The school division’s website says the student must use the money before they turn 27 or the money will go back to the city of Boston.
    The program also offers incentives for families to earn and save what it calls “Boston Saves Dollars.” Families can earn more money by performing tasks, including contributing $25 over a three-month period and reading 20 days a month with a child within a three-month period to earn $5 in Boston Saves Dollars. Families can also link an account — savings, checking or 529 — and earn $25.
    “My family’s participation in the Boston Saves program has brought up important family discussions about college and financial planning early on,” Esmirna Soto, the parent of a student who participated in the Boston Saves pilot program, said in a news release from the city of Boston.
    “He benefits by knowing that we are not only expecting him to attend college or some form of higher education, but that we are also financially planning for it,” Soto said.

    Massachusetts is starting a statewide savings program

    Massachusetts is launching a statewide program to help families start saving for post-high school education and training.
    The BabySteps Savings Plan, which will begin in January, will make every baby born or adopted in the state eligible for a $50 deposit into a U.Fund 529 college savings account.
      The program expands on a 2016 state initiative known as SeedMA that gives kindergartners in two school districts a $50 deposit into a Massachusetts 529 savings account.
      Similar Children’s Savings Account (CSA) programs can be found in cities in 34 states, including Nevada, Texas and Michigan, according to the nonprofit organization Prosperity Now.

      Original Article : HERE ;

      *****************************************************

      Recommended For You

      Store Buildr - The Cook House BBQ

      The Ultimate ‘Done For You’ Niche Website Store!

      DFY Suite Lite+

      DFY Suite will allow you to QUICKLY Rank Your clients sites and Videos By Leveraging The Power Of High-Quality Social Syndication With Our NEW, Done-For-YOU System! [SEE PROOF HERE]

      xPressFunnels LICENSE PRO

      Automated eCom Product Funnels In Less Than 60 Seconds!

      *****************************************************

      This post was curated & Posted using : RealSpecific

      Thank you for taking the time to read our article.
      **********************************************************

      Interested in building a blog or auto-blog like this one ? Or just want to order one ?  Join our "Blogging Tips Tricks and Resources Skype" Group and let's chat about it. 

      Join "Blogging Tips Tricks and Resources Skype" HERE

      Interested in Starting your own Roku TV Channel ? Or interested in learning how to build one ? Join our "Roku TV Channel Development" Skype Group and let's chat about it. 

      Join "Roku TV Channel Development" HERE

      **********************************************************

      If you enjoyed our content, we'd really appreciate some "love" with a share or two.

      And ... Don't forget to have fun!

       
       

      Recommended

      Automated Ebook Builder Software

      100% fully automated ebook maker?

      IM Checklist Volume 7: Newbie Marketer

      18 Step By Step Online Marketing Checklist. Comes in PDF, Spreadsheet, Editable Doc's, Mindmaps and Online Forms. 1 Hour Of Video Training Included. PLR Rights Included.

      Zcode system - free pick of the day

      No guesswork, easy to use even if you have no clue about sports. Copy-paste winners!

      Leave a Reply