'Too many children simply can't afford higher education,' said Los Angeles City Council President Nury Martinez. 'Because of the work we've done here and the funds we've invested, 44,363 children can now plan for a future that includes higher education.'
Along with the $50 seed deposit, families who file their taxes with Los Angeles' Free Tax Prep program this year can receive a dollar-for-dollar Tax Time Savings match of up to $25. Unhoused first-grade students are also eligible for additional savings rewards through the program.
The program is administered by the Los Angeles Community Investment for Families Department. Officials hope it will be an effective tool to reduce educational and economic inequality, noting research that found that children -- regardless of their background -- are up to seven times more likely to attend college if they have a savings account.
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