California Programs That Help Low-Income Families Save for College Receive Nearly $3 Million in State Grants
he California Student Aid Commission approved $2.9 million in grants this week that will help nine local programs provide greater incentives for low-income families to build college savings accounts. Enacted through the FY 2017-18 state budget, the Every Kid Counts (EKC) College Savings Program received a one-time appropriation to support local programs in providing seed money to open accounts, incentivizing more deposits and educating families about program benefits.
“We must do more to give all children the opportunity to follow their dreams,” said Assemblymember Phil Ting (D-San Francisco), Chair of the Assembly Budget Committee and champion of the EKC College Savings Program. “This investment helps increase the likelihood students will pursue a certificate or degree, opening the door to many great career paths.”
When a student turns 18 years old, local programs supported by the EKC College Savings Program allow funds to be withdrawn for post-secondary tuition (including vocational and trade schools), room and board, books, supplies, equipment and mandatory fees. The nine grant recipients are:
- San Francisco Kindergarten to College ($926,892)
- El Monte Promise Foundation ($448,044)
- The Oakland Promise Kindergarten to College (K2C) Program ($405,038)
- Los Angeles Housing and Community Investment Department ($286,583)
- United Way California Capitol Region ($286,172)
- Glendale Unified School District ($197,915)
- City of West Sacramento ($148,576)
- Corazon Healdsburg ($110,779)
- Santa Cruz Community Ventures ($100,000)
In his January budget proposal, Governor Newsom put forth $50 million to support pilot programs and partnerships that increase access to college savings accounts among incoming kindergartners. Lawmakers are expected to discuss the proposal in the coming weeks.
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