The second year of our College Kids children’s savings account program is now underway, and we are pleased to announce that 3,163 new students are now saving for higher education. That brings the total number of students participating in College Kids to just over 6,300!
The program now serves 65 elementary schools, including new partnerships at The Biome and EAGLE Prep Tower Grove East. Every child in the program received a jumpstart to their college savings account: a $50 seed deposit from the Treasurer’s Office.
During the first year of College Kids, families deposited more than $5,100 of their own money and received dollar for dollar matches up to $100. Thanks to the bonus and rewards program, nearly 25% of participants had more than one deposit in their first year! In total, College Kids savers have accumulated more than $238,000.
College Kids participants will be able to use their savings for any college-related expenses, including ACT/SAT preparation, college applications, and any expenses at an accredited higher education institution (room and board, tuition, textbooks, etc).
For many of our families, thinking about college when their children are only in kindergarten was a big change. College Kids families also gained access to resources that will help them on their path to financial empowerment. In addition to the free college savings account, families have access to free financial education and credit counseling with Operation Hope. Parents, guardians, and grandparents had opportunities to learn more about saving for college at Family Savings Nights at 1st Financial Credit Union and Lunch and Learn classes at our Office of Financial Empowerment.
We look forward to another successful year of College Kids!