ST PAUL, Minn. — Four years ago, St. Paul put $50 into college savings accounts for children born after January 1, 2020. Now, that program is expanding as those kids reach school age.
"We are sending our young people a clear message," said Mayor Melvin Carter during the launch event on Saturday morning. "We believe in you enough to invest in you."
Community partners joined Carter to launch CollegeBound Elementary, an extension of the Collegebound initiative, at Bremer Bank's Midway location. The program expands the program eligibility, allowing all families with children entering a St. Paul Public School Pre-K classroom to opt-in to a college savings account regardless of address or birth year.
The launch event doubled as the program's first Family Deposit Day, where families who contributed to savings accounts earned a $25 bonus.
According to a press release, over 14,000 children have been enrolled in these starting-at-birth savings accounts that have accumulated more than $3 million to date. CollegeBound Elementary will also give students opportunities to engage in activities in and out of classrooms, earning up to $350 in additional bonuses, as well as access to educational tools centered on wealth justice.
"This program is really about hope," one parent of a CollegeBound child said. "Every time we come and save money, we are injecting hope into Malachi's future."
The City says that the Financial Empowerment has been working with St. Paul Public Schools since 2022 to help instill post-high school aspirations for CollegeBound children as soon as they reach school age.
Bremer Bank has been the City of St. Paul's financial partner for this program since its inception.
“Bremer has been the proud financial partner of CollegeBound Saint Paul since its inception, and the tremendous growth of the program is inspirational. This pioneering program is helping to improve access to higher education for families across this community,” said Bremer President and CEO Jeanne Crain in a release.
St. Paul plans to expand CollegeBound Elementary to charter, private, and home schools within the city in future years.
