Pilot Initiative to Take Place in the Town of Monson
MONSON, MA — State Treasurer Deb Goldberg, in collaboration with Monson Savings Bank, announced today a new college savings initiative. Expanding on the successful launch of the Worcester program just 40 miles northwest, $eedMA Monson looks to enroll the 2016-2017 class of kindergartners with 529 College Savings Accounts through Massachusetts Educational Financing Authority (MEFA).
“I am thrilled to see this important work expand to more communities across the Commonwealth,” said Treasurer Deb Goldberg. “Access to an affordable higher education is critical to ensuring the economic stability of Massachusetts families.”
$eedMA Monson will be available to all kindergarteners enrolled in Monson Public Schools. Each child will receive a commitment of $50 through Monson Savings Bank to cultivate a 529 college savings account at the start of the 2016-2017 school year.
“MEFA is pleased to be a partner in this initiative with Treasurer Goldberg, her team, and the town of Monson,” said Tom Graf, Executive Director of MEFA. “It is exciting to work with Monson families on creating a plan for saving for college.”
“I am thrilled that Monson Savings Bank has stepped forward to support this unique and vitally important initiative which will pay off huge dividends for the kindergarten students and families of Monson,” said Robert Bardwell, Director of School Counseling, Monson Public Schools. “$eedMA Monson gives our students a chance to save for college which will no doubt advantage them when they are ready to seek further education and training after high school. And to think Monson is only the second pilot in the state is exciting and a tremendous opportunity for our community.”
$eedMA Monson aims to increase the percentage of children saving for higher education by delivering high-quality financial education programming to students and their families, building a culture centered around saving for the future and employing prudent budget management. These accounts have been proven to boost postsecondary enrollment and graduation rates, which will result in higher paying jobs. Parents and families will receive more information about $eedMA Monson in the upcoming months through informational sessions administered by the Treasurer’s Office of Economic Empowerment.
“Monson Savings Bank is very pleased to be a part of this initiative and to be able to offer this opportunity to our Monson students. We are also proud to be the 2nd community in the state of MA to be participating in this program. We look forward to working with Quarry Hill Elementary School and eventually offering this pilot program to other school districts in our business area,” said Steve Lowell, President and CEO of Monson Savings Bank.
Treasurer Goldberg created the Office of Economic Empowerment (OEE), led by a deputy treasurer, with the deliberate goal of implementing a range of economic empowerment initiatives, including closing the gender wage gap, increasing access to financial education, improving college affordability, and investing in STEM careers and education.