A program launched a decade ago in San Francisco could provide answers.
A new program is providing all first-graders enrolled in the Los Angeles Unified School District — an estimated 31,000 students — with a free college savings account.
The Opportunity LA accounts are similar to those of other programs, like the state-supported ScholarShare529, that offer tax-free savings accounts for college expenses.Dozens of community colleges failed to turn over fraud data on possible fake enrollment The city holds all of the accounts so as to not interfere with the public benefits a family may be receiving, officials said.
That program, Kindergarten to College, may offer some insights as to how Los Angeles families may use the accounts and which demographics are likely to benefit most., current as of February, 23% of the nearly 50,000 accounts in the program have received deposits outside of promotions like the initial seed money. The website states that nearly $6.8 million has been saved so far.
Only 10% of Black, Hispanic, Pacific Islander and Native American families continued to make deposits after the first year of the program. Deposit rates for Asian families neared 30%, the report said. Fried acknowledged that the program might not make a substantial impact on some families’ ability to pay for college. But it is beneficial in other ways, she said.
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