Photo: FREDERIC J. BROWN/AFP/Getty Images
The city of Los Angeles will have America’s largest college freshman savings account program.
The Los Angeles City Council Introduced Opportunity LA Program dedicated to first grade students Los Angeles Unified School District (LAUSD) for your higher education studiesr.
“We now have the largest children’s savings account program in the entire country, right here in Los Angeles. No longer will young people have to be excluded from the possibility of attending college due to their socioeconomic status,” said Los Angeles City Council Speaker Nury Martinez.
According to city officials, 44,363 savings accounts have been opened in the LAUSD freshman program.
Student enrollment in the Opportunity LA program it was done automatically and already includes a deposit of $50 dollars.
“While $50 doesn’t earn enough interest to pay for college in 10 years, it’s a start,” added the council president.
Nury Martinez said that the Opportunity LA program announced after the launch of a pilot project during the spring of 2021.
In the pilot program, savings accounts were opened for first-graders at select high-need schools in the Los Angeles Unified School District.
Savings accounts for student children were opened through Citibank.
“After launching our pilot program in the spring, we have seen parents and families step up and make consistent deposits into these savings accounts,” said the Los Angeles City Council Speaker.
According to information provided by city officials, additional savings rewards will be available in the Opportunity LA program for first graders experiencing homelessness.
Los Angeles County has played a prominent role as a key funding partner for the program that will benefit young students so they can access college.
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