The Los Angeles Unified School District is expanding its savings accounts program to help students save money for college.
The program, Opportunity L.A. (OLA), is made available to first-grade students at participating elementary schools.
“It's a real, substantial investment in young people, for their future, for the stability of their families’ financial futures as well,” said Los Angeles City Councilwoman Monica Rodriguez.
Rodriguez announced during a news conference that more than 100,000 LAUSD students have been provided free college savings accounts since the program started two years ago.
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The program starts with an initial $50 deposit.
The city and county of Los Angeles, LAUSD and Citibank have been partnering together since the program started and have secured additional funds to keep the program going.
First-grade students at the participating schools will automatically receive a welcome kit in the mail during the spring semester.
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Once the account is set up, families will be able to make deposits in person at a local Citibank or online.
In addition, Councilwoman Rodriguez says she secured a $1.5 million grant from the State of California dedicated to outreach efforts.
Parents are encouraged to go to OpportunityLA.com to identify resources and instructions on how to start their accounts.
