Free college savings program expanded to all of LAUSD's first-grade students

Thousands of first-graders in Los Angeles are getting a $50 head start on their futures.

The Opportunity LA program, a partnership between the Los Angeles Unified School District and the city and county of Los Angeles, launched last year to start first-graders off with $50 in a free college savings account. The program is being expanded to include all of LAUSD's first-graders — more than 44,000 students.

"A child with a college savings account with even one dollar in it is three times more likely to go to college," Los Angeles City Council President Nury Martinez said. "And that child with at least one dollar in that college savings account is four times more likely to graduate from college. Those numbers are staggering."

Each first grader receives an initial deposit of $50 in their accounts, and parents who pitch in will get a dollar-for-dollar tax time savings match of up to $25 when they file their taxes through Free Tax Prep LA.

"This historic program does more than give kids and families a financial boost toward making college more affordable and accessible -- it also
instills a college-going mindset in our students from an early age,'' said LAUSD School Board Member Nick Melvoin.

The program, which is administered by the Los Angeles Community Investment for Families Department, is intended to help reduce educational and economic inequality. The savings accounts are with Citibank and uses the Citi Start Saving system.

For more information about the program, visit opportunityla.com.