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Pennsylvania Governor Tom Wolf recently signed a law creating a statewide Children’s Savings Account (CSA) program. Championed by State Treasurer Joe Torsella (D) and bipartisan sponsors in the State Legislature, the Keystone Scholars program will provide all newborns in Pennsylvania a CSA with a $100 initial deposit. Starting in January 2019, this new program will be the largest in the CSA field.
In recent years, city officials have leveraged partnerships with financial institutions to create Children’s Savings Account (CSA) programs at the municipal level. The growth of these programs has been fueled by cities sharing best practices and learning from other existing municipal programs.
College Savings for College Success: Helping Low-Income Families Access Higher Education Through 529 Accounts
Note: This is a guest post from Christina Davila, Project Manager at El Monte Promise Foundation
According to surprising results announced in an El Monte, California needs assessment in 2009, local families’ dialogues regarding higher education decidedly dwindled over the course of a child’s life. In contrast, more affluent areas saw an increase in high-school-to-college transitional rhetoric.
As the 1:1 Fund’s newly released 2017 Impact Report showcases, the online fundraising platform that Prosperity Now created to support Children’s Savings Account (CSA) programs has grown dramatically over the last year.
On May 2, more than 50 Children’s Savings Account (CSA) practitioners, researchers and other supporters gathered at the Bureau of Consumer Financial Protection (“the Bureau,” formerly the Consumer Financial Protection Bureau or CFPB) in downtown Washington, DC. This event—organized by the Bureau, Abt Associates and Prosperity Now under the Bureau’s CSA Initiative—focused on what practitioners and policymakers need to advance the field and move toward scale. The convening also generated ideas on how the Bureau can support the growth of the field and strengthen CSA programs and outcomes.