PRESS RELEASE: LA’S CHILDREN’S SAVINGS ACCOUNT PROGRAM PASSES COMMITTEE

Los Angeles - Today, the Health, Education, Neighborhoods, Parks, Arts and River (HENPAR) Committee, approved a Children’s Savings Account program for every child enrolled in Los Angeles Unified School District (LAUSD) public and affiliated charter schools. This program, which Councilmember Ryu has championed over the past four years, along with leaders from Los Angeles County Board of Supervisors and the L.A. Unified Board, would establish a dedicated savings account with $50 in seed money for every first grader in LAUSD. If approved by City Council, it would establish the largest CSA program in the United States.

FOR IMMEDIATE RELEASE:  

October 23, 2019

 

Contact for Councilmember Ryu:

Mark Pampanin

mark.pampanin@lacity.org

213.407.7616

 

LA’S CHILDREN’S SAVINGS ACCOUNT PROGRAM PASSES COMMITTEE

Program would roll out next school year

Los Angeles - Today, the Health, Education, Neighborhoods, Parks, Arts and River (HENPAR) Committee, approved a Children’s Savings Account program for every child enrolled in Los Angeles Unified School District (LAUSD) public and affiliated charter schools. This program, which Councilmember Ryu has championed over the past four years, along with leaders from Los Angeles County Board of Supervisors and the L.A. Unified Board, would establish a dedicated savings account with $50 in seed money for every first grader in LAUSD. If approved by City Council, it would establish the largest CSA program in the United States.

“There isn’t another school district or student population in the country that is more deserving or more in need,” Councilmember Ryu added. “Eighty percent of the students in LAUSD fall under the federal poverty line and are eligible for free or reduced school meals, and 17 percent of LAUSD students are homeless. These kids are exactly who a CSA program like this will give a much-needed leg up to.”

If approved by Council, the program would roll out in the 2020-2021 academic years for an initial 10 percent of LAUSD first graders, or roughly 4,000 students. Within five years, it would grow to include every LAUSD first grader, regardless of income, background or immigration status. The program would be universal with automatic enrollment. Similar programs exist in San Francisco, Boston, St. Louis and other cities. 

Data has shown that a low-income child with up to $500 in a dedicated savings are three times more likely to enroll in and four times more likely to graduate from post-secondary education than a similar low-income child with no savings. 

“Too many children are implicitly told that they aren’t good enough, rich enough, or worthy enough for a college education,” Councilmember Ryu, who chairs the HENPAR Committee, said at the Committee meeting today. “As a City, we can be the voice that says yes. Yes, you can graduate high school, yes, you can go to college, and yes, you can reach for a bigger and brighter future.”

The program is expected to be heard in City Council on November 6th. 

Find the Council file 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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