OP College Fund Eligibility Requirements:
Key research findings
Children from low-income backgrounds with at least $500 in a college savings account in their name are 3 times more likely to enroll in college and 4 times more likely to graduate than children with no college savings.
Elliot W, Song H, Nam. I. Small-dollar children's savings accounts, income and college outcomes. Center for Development. 2013.
How will it work?
Create a college-going culture at every elementary school
K2C schools receive curriculum, technical assistance and other resources to promote a college going culture in classrooms and throughout the school. The Oakland Promise College Scholarship Fund and the K2C College Savings Accounts are teaching tools in elementary school and beyond. Age appropriate financial education – about how banks work, saving money for important goals, how money grows over time, and the impact of education on earnings – are integrated into the school curriculum.
Establish an Oakland Promise College Fund for every kindergartener: Beginning in the 2016-17 school year, every kindergartener in the Oakland public schools (OUSD or charter-managed) will receive $100 in their college fund. When children have money set aside for college, going to college becomes an expectation and feels achievable.
Help families be financially prepared for college and beyond:
To encourage families to save for their children’s education, Kindergarten to College (K2C) will help parents set up a 529 College Savings Account for their student and offer savings incentives. (This component begins in the 2017-18 school year.) An initial contribution of $50 will be deposited by the K2C program into the child’s 529 account when it is opened, and an additional $50 can be earned if a family saves for six months in a row. As children and families see their college savings grow, they will be inspired to continue striving to reach this goal.