This City is Giving All Kindergartners $50 for College

College is expensive and one city is stepping up by helping young kids get their college funds going.

The city of Boston is giving all kindergartners that are enrolled in Boston Public Schools a savings account with $50 that is to be used for college or career training costs after they graduate from high school.

“Even though Boston Saves is giving people money, this is really a tool to get families started thinking about the future now,” Gosia Tomaszewska, the senior program manager of Boston Saves told CNBC’s Make It.

“We know college tuition is so high. It’s really about getting people thinking, encouraging parents to save and supporting students,” she says.

“Every child deserves to hear the message, ‘We believe in you, and you can do anything’ from the first minute they walk through our school doors,’” remarked Brenda Cassellius, superintendent of BPS. “The Boston Saves program helps us send that message.”

Boston saves was launched as a pilot program back in 2016 with five schools before it expanded.
“Boston Saves has proven to be an essential part of providing families with the tools to save for their children’s post-secondary future,” says Boston Mayor Martin Walsh.

He added, “I am pleased to announce the citywide expansion of Boston Saves, providing more families with these resources and strengthening the investment we are making in Boston’s youth.”

Tomaszewska also has said, “There is a bigger issue of the cost of college. We’re just kind of a small — but hopefully significant — part of solving that equation.”