Lynwood Unified will help families get a jump-start on the cost of their children’s post-secondary education by providing money for a college savings account through a partnership with the Lynwood Partners Educational Foundation (LPEF) and State of California-sponsored investment board ScholarShare 529.
The Lynwood College Promise Savings Plan will set up more than 800 Lynwood kindergarten students with bank accounts and provide a $25 contribution. This amount will be matched by ScholarShare 529, which will manage the account.
“We want to give Lynwood families the opportunity to make a sound investment in their child’s future. The Lynwood College Promise Savings Plan will exponentially increase the number of Lynwood graduates who can attend a college or university,” LUSD Superintendent Dr. Gudiel R. Crosthwaite said. “We could not achieve this without the tremendous support of the Lynwood Partners Educational Foundation.”
Lynwood College Promise Savings Plan contributions will be funded by the LPEF, which hopes to raise $20,000 in private donations to ensure every kindergarten student receives a savings account. The LPEF will also assist families in filling out applications and answering questions about the program.
“Research shows that first-generation college-goers are more likely to enroll in college and graduate if they have a dedicated college savings account. It’s a strong motivating factor in academic success,” Chagolla said. “We are thrilled to partner with ScholarShare 529 on behalf of Lynwood families.”
Once a savings account is established, families can continue to make deposits and the account credits will be compounded annually through ScholarShare 529. The funds can be used at any accredited university, college, or vocational school in the U.S.
To qualify, applicants must be California residents, be at least 18 years old, have a social security card and household income of $75,000 or less.
The Lynwood College Promise Savings Plan will be made available to qualifying families with incoming kindergarten students at the beginning of each school year.
“We want every Lynwood student to view the prospect of higher education as a reality and we can help do that with the Lynwood Promise College Savings Plan,” LUSD Board President Gary Hardie Jr. said. “The savings accounts ensure that all students and their families will have an equal opportunity to pursue college and plan for their future.”
Those wishing to donate to the fund can contact the Lynwood Partners Educational Foundation via their website.