Press Release: L.A. Moves Closer to Granting LAUSD Students College Dedicated Children's Savings Accounts

Los Angeles, CA -- The Los Angeles City Council approved Councilmember David Ryu’s motion to appropriate $80,000 for the hiring of a consultant to provide analysis and recommendations for the implementation of a college dedicated city-wide Children’s Savings Account (CSA) program.

FOR IMMEDIATE RELEASE:
July 25, 2017

Press Contact:
Tran Le
tran.le@lacity.org
213-407-7616

LOS ANGELES MOVES CLOSER TO GRANTING LAUSD STUDENTS COLLEGE DEDICATED CHILDREN'S SAVINGS ACCOUNTS

Los Angeles, CA -- The Los Angeles City Council approved Councilmember David Ryu’s motion to appropriate $80,000 for the hiring of a consultant to provide analysis and recommendations for the implementation of a college dedicated city-wide Children’s Savings Account (CSA) program.

“It’s well past time that we start thinking outside the box to develop policies that boost college readiness, attendance, completion rates, and ensure our students have a fighting chance in today’s and tomorrow’s economies,” said Councilmember Ryu. “This vote represents a critical next step toward making higher education a reality for children in LAUSD.”

Three decades ago, full-time workers with a four-year degree made 40% more than those with a high school diploma - last year that number was more than 80%. At the same time, over 80% of LAUSD families live below the poverty line and only 32% of Angelenos have a college degree.

Over the last half-century, policies that have increased access to higher education, from the GI Bill to student aid, have lifted millions out of poverty. In more recent years, a number of local and state policy makers have designed college dedicated children’s savings accounts to help students build savings and instill the expectation that they can and will earn a college degree. The City has begun to explore these policies with that very goal in mind: namely, to create the opportunity for future generations, and ensure all children have access to the resources to be competitive in today's and tomorrow's economy.

The consultant will work closely with the Office of Councilmember Ryu and City staff to develop the program’s structure and design, identify appropriate incentive and matching funds programs for eligible students, help coordinate efforts across multiple stakeholders, including the City of Los Angeles, Los Angeles Unified School District and County of Los Angeles, as well as private, non-profit and community partners, and help organize LAUSD “grass tops” individuals (administrators, teachers and parents) to assist in the roll-out and support of the program.

Today’s motion, introduced by Councilmember Ryu, directs the City to transfer $80,000 in the Fourth Council District’s AB 1290 funds for the selection and hiring of a consultant to provide a comprehensive analysis of the economic benefits, structure, financing, management, and recommendations for implementing a CSA program in Los Angeles.

Read the motion, here.

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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.


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