PRESS RELEASE: Funding for College Savings Account Consultant Wins City Council Approval

Los Angeles, CA -- Today, City Council approved Councilmember Ryu’s motion to contract with Prosperity Now, a consulting and advocacy firm who will develop the framework for a College Savings Account Program in the City of Los Angeles. This program, long championed by Councilmember Ryu, would open a dedicated savings account for every first grader enrolled in LAUSD, as well as offer educational and financial services which can empower students to begin saving for higher education. Today, Councilmember Ryu and Prosperity Now made the following statement

FOR IMMEDIATE RELEASE:

December 12, 2017

Press Contact:

Estevan Montemayor

estevan.montemayor@lacity.org

213.605.4145

 

Funding for College Savings Account Consultant Passes City Council

Key Step in Developing Universal College Savings Account Program in Los Angeles

 

Los Angeles, CA -- Today, City Council approved Councilmember Ryu’s motion to contract with Prosperity Now, a consulting and advocacy firm who will develop the framework for a College Savings Account Program in the City of Los Angeles. This program, long championed by Councilmember Ryu, would open a dedicated savings account for every first grader enrolled in LAUSD, as well as offer educational and financial services which can empower students to begin saving for higher education. Today, Councilmember Ryu and Prosperity Now made the following statement:

“Today is a landmark day for education in Los Angeles and for creating a more even playing field on which all our children can succeed,” Councilmember Ryu said. “Prosperity Now is an expert in developing large-scale CSA programs, and is a proven leader in expanding financial empowerment. I am thrilled to work with them to develop framework, scale, as well as private fundraising strategies to sustain a College Savings Account Program in Los Angeles.”

“Prosperity Now is thrilled that LA is joining other leading cities by investing in the futures of children in their community,” said Carl Rist, Senior Director for Children’s Savings and Senior Advisor for Asset Building at Prosperity Now. “We’ve seen time and again the impact that a child’s savings account can have in building aspirations and savings for college. We look forward to working with the City of LA to build a state-of-the-art CSA program.”

College Savings Accounts Programs are bank accounts opened in the name of students and managed by a city department or school district. Such programs exist or are developing in Boston, New York, San Francisco, St. Louis, and other municipalities. A CSA Program in Los Angeles would be the largest CSA program in the United States. The contract with Prosperity Now, which has helped develop CSA Programs in St. Louis, Boston and elsewhere, will be paid with $80,000 from Councilmember Ryu’s discretionary funds.

“College Savings Accounts do not pay for a child to go to college - they are an investment in children and our City’s future,” Councilmember Ryu said. “Too many families across Los Angeles do not see higher education as a reality - supporting students with a few dollars and the proper financial tools can change that.  A College Savings Account Program is the City’s way of telling all young Angelenos, regardless of ethnicity, income, or immigration status - we believe in you, and we are ready to help you invest in your future.”

 

Read the Council file here.

 

###

Los Angeles City Councilmember David E. Ryu represents the 4th Council District which includes Griffith Park, Sherman Oaks, Toluca Lake, Hollywood, Hollywood Hills, Los Feliz, Silver Lake, Miracle Mile, Hancock Park, Windsor Square, Larchmont and portions of Koreatown and Van Nuys.

Prosperity Now (formerly CFED) believes that everyone deserves a chance to prosper. Since 1979, we have helped make it possible for millions of people, especially people of color and those of limited incomes, to achieve financial security, stability and, ultimately, prosperity. We offer a unique combination of scalable practical solutions, in-depth research and proven policy solutions, all aimed at building wealth for those who need it most.

 


Be the first to comment

Please check your e-mail for a link to activate your account.