College Accounts at Birth: State Efforts Raise New Hopes
Creating and seeding accounts for every newborn is found to have an impact on aspirations as well as savings.
Talasheia Dedmon enrolled her son Braylon in a college savings account through SEED for Oklahoma Kids, an effort to help a new generation climb the educational ladder and build assets. Credit.September Dawn Bottoms for The New York Times
April 27, 2021, 5:00 a.m. ET
Braylon Dedmon was 3 days old when his mother, Talasheia, was offered $1,000 to open a college savings account in his name.
“I was like, ‘What?’” Ms. Dedmon recalled. Her skeptic’s antennae tingled. “I was a little scared.” Was this a scam?
Biden to Raise Minimum Wage for Federal Contractors to $15: Live Updates
nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
Some US states are giving newborns savings accounts for college
yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Oklahoma s savings account for newborns spurred a greater interest in pursuing higher education.
Sen. Cory Booker reintroduced legislation in February to give every newborn $1,000 in college savings.
Providing newborns with college savings accounts at birth has been an idea that has floated around lawmakers minds for years. Sen. Cory Booker of New Jersey, for example, campaigned on baby bonds when running for president, which would provide every child with a $1,000 savings account.
Some states are now beginning to follow suit. New research reveals those efforts could have an encouraging impact on children s futures in the years ahead.
An Oklahoma research project, called SEED for Oklahoma Kids or SEED OK, launched 14 years ago by the Center for Social Development at Washington University in St. Louis to study whether creating a savings account for newborns would improve graduation rates and chances of going to college years later.