Last December Treasurer Deb Goldberg announced that her office would be piloting an innovative college savings program exclusive to the City of Worcester.
Using no tax payer dollars, Treasurer Goldberg’s office established SeedMA, a program through which a free 529 tax-advantaged college savings account will be available to every kindergartner 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 are tax-advantaged to help families and children save for higher education. Research shows that just opening a 529 account makes a child 7 times more likely to attend a post-secondary institution, and that even small amounts saved have a positive impact on future success.
Not only does the SeedMA program make an initial investment in our children, but we are starting from day one to foster college aspirations. With nine colleges and universities in Worcester, the culture of higher education is embedded in our identity. 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 SeedMA program and open a 529 account. These accounts not only have a proven track record of increasing college attendance and enrollment, but will develop a pipeline to academic achievement.
As this year’s class of kindergarten students and families prepare for school, they are about to embark on a journey that will lead them to be teachers, police officers, doctors, and small business owners. 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.