The idea of paying for college can be quite overwhelming, and that is especially the case for those who cannot afford to do so. A new Los Angeles Unified School District Program has aimed to change that. The program, Opportunity LA, launched last month and has now provided first-grade students with free college savings accounts, making it one of the largest district college savings account programs in the nation.
Their overall goal is to encourage families to start saving early for college or other post-high-school education in an effort to remove any sort of barriers children and families might face while planning for their future.
“Too many children simply can’t afford higher education,” said Los Angeles City Council President Nury Martinez. “Because of the work we’ve done here and the funds we’ve invested, 44,363 children can now plan for a future that includes higher education. I’m very proud of this partnership and I cannot wait to see what these children achieve.”
According to research done by Opportunity Los Angeles, students who have college savings are “3 times more likely to go to college” and “4 times more likely to graduate from college.”
Details Of The Opportunity LA Account
- A student’s savings account will help them save money for their goals after high school
- First grade LAUSD student have automatically received a savings account with an automatic $50 deposit
- Deposits can be made in person at a Citi Bank branch, or online.
- These savings accounts are available to all students regardless of their background, household income, or immigration status.
“This program does more than give kids and families a financial boost toward making college more affordable and accessible,” LAUSD Board Vice President Nick Melvoin said in a statement, “it also instills a college-going mindset in our students from an early age.”