The Los Angeles Unified School District is doubling down on its investment into the future of its students by expanding the Opportunity L.A. (OLA) program, designed to help families save for college costs. Announced by LA City Councilwoman Monica Rodriguez, every first-grader at participating schools can now start their academic journey with a child savings account specifically earmarked for higher education expenses.
"It's a real, substantial investment in young people, for their future, for the stability of their families’ financial futures as well," Rodriguez said, as reported by NBC Los Angeles. Alongside the initial $50 bootstrapping deposit, the program has to date equipped over 100,000 students with the tools to start saving early for college.
Opportunity L.A. kickstarts every account with a $50 deposit and has the backing of local government, LAUSD, and Citibank. Families of first-graders will automatically receive a welcome kit through the mail this spring with account info and how to make further deposits. For those opting out, they can fill out a form at their child's school.
Families can contribute additional sum to grow the savings online or at local Citibank branches, detailed by the program's informational website. Councilwoman Rodriguez also managed to secure a $1.5 million state grant to support the program's outreach. "Students with college savings are three times more likely to go to college and four times more likely to graduate," shows data on the program's website.
Opportunity L.A. does not set financial preconditions for participation, welcoming students irrespective of familial income, background, or immigration status. Also, the program offers additional rewards for savings, further incentivizing educational investment. To register, parents can visit the OLA's registration portal and follow the outlined account setup process.
