CARSON CITY - State Treasurer Kate Marshall recently announced that her office is partnering with CFED, the Corporation for Enterprise Development, to enlist financial supporters for the Nevada College Kick Start Program, which has established $50 college savings accounts for many Nevada 2013-2014 public school kindergarten students. The Nevada College Kick Start Program is using a portion of program manager fees paid to Treasurer's Office, not taxpayer dollars, to open the college savings accounts.
CFED, through its 1:1 Fund Program, has launched a website that provides community leaders, businesses, organizations, and individuals with the opportunity to add to these accounts by donating funding to students in Title I schools whose families have opened their own separate SsgA Upromise 529 college savings account. The website, http://1to1fund.org/match/partners/nevada, provides background information on the Nevada College Kick Start Program, as well as other similar efforts in other states. Donations received by CFED through the website will be used to provide additional savings incentives for the accounts managed by the Treasurer's Office through Upromise Investment Inc. (Upromise).
The Nevada College Kick Start Program initially included 2013 kindergarten public school students in 13 Nevada rural counties. Thanks to a grant secured through Charles Schwab Bank, seven Title I schools in Washoe County were also initially included, as well as kindergarten students at the Andre Agassi College Preparatory Academy through a donation from Meadows Bank. The Board of Trustees of the College Savings Plans of Nevada recently voted unanimously to expand the program statewide to some 32,000 Nevada kindergarten students, which will occur in February 2014.
Marshall said to further encourage families to begin saving for college, her office recently reached an agreement with Upromise, the program manager for the Nevada College Savings Plans, to lower the minimum account opening for Nevadans to a mere $15 from the previous amount of $250.
"As administrator of Nevada's 529 Program and on behalf of the Board of Trustees of the College Savings Plans of Nevada, I want to encourage Nevadans who are interested in sending a message to Nevada youth that college is a goal within reach to thoughtfully consider becoming a Community Support Partner of this exciting new venture via the 1:1 Fund," Marshall said. "We have an opportunity to create a 'college bound' mentality in our children through the Nevada College Kick Start Program by demonstrating our interest in their future by seeding these accounts."
Marshall added, "Studies have shown that children who know they have a college savings account in their name are 7 times more likely to attend an institution of higher learning. It's important to note that the study found that even a small account improves a child's determination and preparedness for college and higher education, regardless of family income, ethnicity, or the educational attainment of the child's parents."
According to the 1:1 Fund's executive director, Carl Rist, "With less than 10% of students from low-income households completing college by age 25, it's critical to help students from Title I schools start thinking early about higher education. The 1:1 Fund provides a way for the entire community to support and encourage a new generation of skilled workers and entrepreneurs."
Nevada College Kick Start college savings accounts are held under a Master Account managed by Upromise in the State of Nevada's name. Donations made to the program will also be held in this account, and withdrawals can only be made for Internal Revenue Code qualified higher education related expenses when the child is entering college, in most cases, 13 years later.
To learn more about the Nevada College Kick Start Program, go to http://CollegeKickStart.nv.gov. To find out about the many advantages Nevada families have in opening an SSgA Upromise 529 college savings plan account, go to Nevadas529.com.
About CFED
CFED is a multi-faceted nonprofit 501 (c) 3organization working at the local, state and federal levels to create economic opportunity that alleviates poverty. CFED's core mission is to empower low- and moderate-income households to build and preserve assets by advancing policies and programs that help them achieve the American Dream, including buying a home, pursuing higher education, starting a business and saving for the future. CFED promotes programs on the ground and invests in social enterprises that create pathways to financial security and opportunity for millions of people.
About the 1:1 Fund
The 1:1 Fund supports the college dreams of low-income children by ensuring that those dreams are matched with savings in the bank. The 1:1 Fund makes it easy for donors, large and small, to help kids save for college by matching their contributions in special children's savings accounts. These accounts help low-income families save for college while giving them the confidence that post-secondary education is a real and attainable goal.[[In-content Ad]]
