Saturday, September 9, 2017

State college savings program entangled in state budget mess - Matt Murphy, Lowell Sun

The SoarMA initiative will make 529 college savings accounts available to families of eligible seventh graders from the five pilot schools. Funded through public and private partnerships, every account will be seeded with $50 and families must save at least $100 in the first year to become eligible for matching funds up to $500 saved toward future college tuition payments. The idea behind the college savings accounts, according to proponents of the program, is to not only help families pay for college but also get students thinking about college as a realistic goal. Goldberg's office partnered with Inversant, a Boston-based non-profit, to help provide participating families with educational financial planning services.

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