Lynwood Unified School District has launched a program that will help families get a jump start on the cost of their child’s post-secondary education.
The Lynwood College Promise Savings Plan will set up more than 800 Lynwood kindergarten students with bank accounts and provide a $25 contribution which will be matched by the State of California-sponsored Investment Board ScholarShare 529.
“This is such a great idea to give our families a head start on planning for their child’s education,” said Councilmember Rita Soto who is the Assistant Principal at Roosevelt Elementary in Lynwood. ” I know personally how a college education can change someone’s life.”
Once the account is established, families can continue to make deposits which will be compounded annually through ScholarShare 529. The funds can be used at any accredited university, college or vocational school in the United States.
To qualify applicants must be California residents, be at least 18 years old, have a social security card and household income of $75,000 or less.
“We know that first-generation college-goers are more likely to enroll in college if they have a dedicated college savings account,” added Councilmember Soto.
“We want to give Lynwood families the opportunity to make a sound investment in their child’s future. The Lynwood College Promise Savings Plan will exponentially increase the number of Lynwood graduates who can attend a college or university,” LUSD Superintendent Dr. Gudiel R. Crosthwaite said. “We could not achieve this without the tremendous support of the Lynwood Partners Educational Foundation.”
The Lynwood Partners Educational Foundation (LPEF) plans to raise $20,000 in private donations to ensure every kindergarten student receives a saving account. The LPEF will also assist families in filling out applications and answering questions about the program.