A city in the USA gives each student $ 50 for future college education

The city of Boston (Massachusetts) is investing in the education of its residents, providing 50 dollars to every child enrolled in a local public school.

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It’s not easy to save on college fees, especially because of the increasing cost of studying, which is why Boston gives students an edge on their first day of study this year.

Every kindergarten student enrolled in Boston State Schools will receive a savings account that will have 50 dollars to pay for college.

The program, called Boston Saves, is an extension of a three-year pilot program.

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“Boston Savings has proven to be an important part of providing families with the tools to save their children from postsecondary education,” said Boston Mayor Martin J. Walsh. “I’m excited to announce the expansion of Boston Saves throughout the city, providing these families with more resources and strengthening the investment we make in Boston’s youth.”

The citywide program aims to provide greater access to college and careers for Boston families and to create a culture in which students begin to prepare for life outside of high school. City officials cited a study by the University of Washington in St. Louis, which showed that a child from a low- and middle-income home who has at least 499 dollars in his account before he reaches college age is more than four times more likely to enroll to college than a child without a savings account.

How Boston Saves Works

Boston Saves aims to encourage families to better financial planning.

According to officials, this money can be used for college or for a professional career. Neither the student nor the family can access the money until the student enters college or receives a professional education. The school department website says that the student must use the money before he turns 27 years old, otherwise the money will return to Boston.

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The program also offers incentives for families to earn and save what is called Boston Saves Dollars. Families can earn more money by completing assignments, including depositing 25 dollars over a three-month period and reading 20 days a month with a child over a three-month period to earn 5 incentive dollars.

“My family's participation in the Boston Saves program sparked important family discussions about college and financial planning at an early stage,” said Esmirna Soto, the mother of a student who participated in the Boston Saves pilot program.

“He benefits, knowing that we not only expect him to go to college or some other higher education institution, but also plan it financially,” Soto said.

Massachusetts Launches Nationwide Savings Program

Massachusetts is launching a nationwide program to help families start saving for their education and training after high school.

The BabySteps savings plan, which begins in January, will allow every child born or adopted in the state to receive a deposit of $ 50 into the savings account of U.Fund 529 College.

The program extends to the 2016 State Initiative of the Year, known as SeedMA, which gives children from two school districts a deposit of $ 50 to a savings account in Massachusetts 529.

According to the nonprofit organization Prosperity Now, similar savings accounts for children (CSA) programs can be found in cities in 34 states, including Nevada, Texas and Michigan.

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