Note: The article is actually incorrect, as the link provided to the Keystone Scholars Program indicates that only babies born in six pilot counties are eligible.
But are holders of these PA college savings accounts ultimately going to get educated or indoctrinated?
Insights welcome.
My parents opened a small savings account for me when I was born. It’s a great idea —and the kid can learn to save as s/he grows up too - but it’s still a parental not state responsibility imho
Cute idea. I assume that many families won’t add to it.
At 6% interest, that $100 will be worth $285 when the kids turns 18.
However, by adding $20 a month for 18 years, the account will be over $7700.
I don’t agree with the program nor do I believe all young people should go to college.
If the fund can be used for trade schools etc, it’s a good deal.
One of my kids decided to get his CDL and become a truck driver. His CDL class had a grant attached and it only cost him $1000. If we had a state fund that we input money to, would we then lose it if the child decided not to pursue college?
Another of my kids did an associates at Community college. Hers was almost free to her because of scholarships and credits for good grades.
One of my kids could have used it. He is a newly minted Astronautical Engineer. His income is high enough that he’ll have all his debts paid off in a year or so.
It’s pretty cool. He makes a great income, lives cheap, drives a pile of junk and is almost debt free.
Is the state going to “monitor” these accounts to see if the parents actually put money into them?
Ask not what your country can do for you ...
Government guaranteed student loans have created a Monster. It needs to be destroyed. Throwing more money at it isnt going to help.
My anti-government cynicism tells me to ask why they are doing this.
Social Security ushered in the universal identification number, sometimes called the SSN. They never give without some benefit to the allmighty colossus called government.
Good grief - what next? Some bright person thinks the parents are going to be faithful in depositing funds to those accounts? I guess they all get a certificate of OPTIMISM at the same time as the $100 goes into the account!
Just a Liberal Governor throwing more of our money around.
It isn’t really savings if it’s somebody else’s money being deposited.
How many families will break their backs trying to get that $100 to buy drugs and such?
so this cannot be seed money to start a business?
So this is more nea garbage?
According to University of Kansas associate professor William Elliott, who has written extensively on children’s savings accounts, children who have even small savings accounts for college are seven times more likely to attend and graduate from college than those who have no savings accounts.
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This is a stupid premise, for the children that had any savings accounts for college were themselves or have adults around them who placed a value on the future and higher aspirations. This is about the cultural capital at home, not numbers in the bank handed to them.