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Last December, Treasurer Deb Goldberg announced that her office would be piloting an innovative college savings program exclusively in the City of Worcester. Using no taxpayer dollars, Treasurer Goldberg’s office established $eedMA, a free 529 college savings account that will be available to every kindergartener enrolled in the Worcester Public Schools this year.
Working hand-in-hand with our public schools, these accounts will be established with an initial deposit of $50 from the partners of the program, and parents can contribute as regularly as they see fit.
These 529 college savings accounts help families and children save for higher education. Research shows that just opening an account through the $eedMA program makes a child 7 times more likely to attend a postsecondary institution, and that even small amounts saved have a positive impact on future success.
Not only does the $eedMA program make an initial investment in our children but more importantly, we are starting from day one to foster college aspirations. In order to ensure economic growth, every child must realize their own ambition for higher education. Planting this seed of college aspiration yields future success, economic empowerment and a stronger Worcester.
This is why I am encouraging every eligible kindergarten family in Worcester to enroll in the $eedMA program. It is our duty to embrace the important role of supporting those aspirations and realize that by investing in our children’s future, we are building our own.