Magazine article The Hispanic Outlook in Higher Education

Education Department Releases Proposal to Help Thousands of Disadvantaged Students Access College through Savings Accounts

Magazine article The Hispanic Outlook in Higher Education

Education Department Releases Proposal to Help Thousands of Disadvantaged Students Access College through Savings Accounts

Article excerpt

WASHINGTON. D.C.

The U.S. Department of Education has announced that it will help thousands of disadvantaged students access higher education through investing in college savings accounts. The College Savings Account Research Demonstration Project will commit $8.7 million of federal GEAR UP funds to support college savings accounts for students participating in the GEAR UP program, which is designed to increase the college readiness of low-income middle school and high school students.

The project will provide about 10,000 high school students with savings accounts as well as counseling to develop smart financial habits. In addition, the project will research the impact of savings accounts on college access and success by comparing the outcomes of students receiving savings accounts with a control group, which will allow the project to inform strategies at the federal, state and local level.

"We believe that savings accounts play a key role in helping all students - especially those from low-income families - access and succeed in college," said U. …

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