Children’s Savings Accounts (CSAs) make a big difference.
Maximize your program with ScholarShare 529.
According to a recent study*, a child with $500 or less designated for college savings is three times more likely to enroll and nearly four times more likely to graduate from college than a child with no savings.
That is why Children’s Savings Accounts (CSA) can be life-changers. Aiming to level the educational and economic playing field for youth in targeted communities or certain segments of a population, many of these innovative programs provide long-term savings incentives that help children (ages 0-18)—especially those from low- to moderate-income households—build both assets and aspirations for a post-secondary education.
CSA programs are often run by community based organizations, foundations, school districts, local municipalities, and states. To encourage savings, CSA programs offer various financial incentives such as seed amounts and matching contributions.
Here’s how ScholarShare 529 can help.
Administering a CSA can be complex. It is for that reason ScholarShare 529 has acquired the technology and investment solution to assist interested partners statewide with their CSA initiatives. ScholarShare 529 will begin assisting these programs in May 2019 by offering:
* All the benefits of ScholarShare 529: ScholarShare 529 is a state-sponsored, tax-advantaged 529 college savings plan helping families and individuals plan for the cost of higher education. A 529 college savings plan offers many benefits to help families save more over time; withdrawals are federal and state tax-free when used for qualified higher education expenses.
* Technology support through ScholarShare 529’s integration with information system specialist VistaShare: VistaShare’s Outcome Tracker is an online platform designed for nonprofits and government agencies. It will provide CSA sponsors and families with the ability to view both a child’s CSA and ScholarShare 529 account information – all in one convenient place. Plus, the child’s parents can view everything in a single step.
More to come soon, as ScholarShare 529 continues its commitment to support every child’s path to higher education.
For more on how to establish a CSA and partner with ScholarShare 529, email ScholarShare@treasurer.ca.gov.
*Center for Social Development, Washington University in St. Louis