A new program that gives first grade students in Los Angeles a savings account with a $50 dollar deposit to encourage them to start saving for college has already been expanded to cover even more kids. The 'Opportunity L.A.' program began in Spring 2021 for first-grade students at select high-need LAUSD schools but was just expanded today, to automatically enroll EVERY first-grade student at all 519 LAUSD elementary schools.
Fox 11 reported..."Opportunity L.A. is not only preparing families for success, it's helping us achieve our shared goal of alleviating poverty and creating a more equitable LA," said L.A. County Board of Supervisors Chair Holly Mitchell. "This program will help even the playing field for those most in need so that pursuing post-secondary education is within reach for more children regardless of how much their family earns. I look forward to the impact this historic investment will have on the lives of our children and the future of Los Angeles County." The program is administered by the Los Angeles Community Investment for Families Department. Officials hope it will be an effective tool to reduce educational and economic inequality, noting research that found that children -- regardless of their background -- are up to seven times more likely to attend college if they have a savings account. The program is funded by the city, county and state, and the savings accounts are with Citibank and uses the Citi Start Saving system.
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