INDEPENDENCE-- It's not the amount of money but the thought behind it and the statement it makes about educational possibilities.
That's what Cuyahoga County Ed FitzGerald's saying about a program he's announcing Friday to give every new kindergartner $100 in a college savings account.
"With the launch of the Cuyahoga County Savings Account Program, every child in our area will grow up knowing that college is a real and attainable goal...This is a critical investment in our children," he said.
FitzGerald believes the universal program is more valuable than offering a fixed number of full scholarships.
Research shows for the first time, students today are less likely to graduate from college than their parents. Less than one of every ten low-income students completes college by their mid 20s.
The city of San Francisco started a similar program donating $50 per child two years ago.
Studies show students with savings accounts are four times more likely to go to college than those who don't have them, and six times more likely if the account's in their name.
Andrea Levere, president of the Corporation for Enterprise Development says, "Cuyahoga County is positioning itself as a national leader in the rapidly growing field of asset building for children."
The program starts next fall. The money can be used for any post high school education including vocational classes and community colleges and universities.
The county is considering more deposits at educational milestones, such as graduating from elementary or middle school.
With administrative costs, the total annual expense is estimated to be between $2 million and $3 million.
Cuyahoga County's program will cover both public and private school kindergartners.
Education is one of the charter-mandated agenda items for the new Cuyahoga County government.
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