JACKSON, Miss. (AP) – A new effort wants people nationwide to help poor children in Mississippi and San Francisco save for college.
The 1:1 Fund is being launched by the Corporation for Enterprise Development. In Mississippi, the marketing effort expands on the Mississippi College Savings Account Program. It’s helped more than 500 children in Jackson, Leland and Greenville open college savings accounts.
A 2010 study shows students with their own college savings accounts are almost four times as likely as students without to attend college.
Mississippi’s two-year pilot program has provided $30,000 to $40,000 to participants. The program seeds accounts in a child’s name with a $50 deposit. It then encourages families to deposit more, with the program sometimes matching those deposits.
It’s part of a national effort to help poor families build assets.