RENO, Nev.--(BUSINESS WIRE)--Charles Schwab Bank has made a $10,000 matching grant donation to the Nevada College Kick Start Program through the 1:1 Fund, which allows donors to make contributions to children’s savings programs. Donations, including Schwab Bank’s gift, will be used to provide $50 matching grants to families from schools serving low-income communities. The grant from Schwab Bank will enable Nevada’s College Kick Start Program to match the contributions of 200 families when they open their own separate college savings account for their children.
Through the month of April, College Kick Start and the 1:1 Fund are running a campaign to raise a total of $20,000, encouraging donors to contribute $10,000 in addition to Schwab Bank’s matching grant so that at least 400 low-income families in Nevada can take advantage of this opportunity.
“We are proud to be part of such a terrific program and hope others will join us. For Schwab Bank, helping families take the first step toward college savings is a smart investment in our communities and our future. This innovative program created by the College Kick Start Program and the 1:1 Fund shows true leadership and a recognition of the importance and power of education for Nevada’s kids,” said Paul Woolway, president, Charles Schwab Bank.
Businesses and individuals can make a tax-deductible contribution to this effort to help low-income Nevada families save for college at https://1to1fund.org/match/partners/nevada, or reach out directly to the Nevada State Treasurer’s Office at (702) 486-6980 or collegesavings@nevadatreasurer.gov.
Having a college savings account drives results
“Research has shown us that children who know they have a college savings account in their name are much more likely to attend an institution of higher learning,” said Nevada State Treasurer Kate Marshall, whose office oversees the Nevada College Kick Start Program. “It's important to note that studies have found that even a small account improves a child's determination and preparedness for college and higher education, regardless of family income, ethnicity, or the educational attainment of the child's parents.”
Nevada College Kick Start college savings accounts are held under a Master Account managed by Upromise in the Nevada College Savings Trust Fund's name. Withdrawals from individual accounts can only be made for qualified higher education expenses when the student enters college.
Together, College Kick Start and the 1:1 Fund are raising critical dollars to encourage low-income families to start saving for college today. The State Treasurer’s office will highlight the $50 incentive in outreach to families with kindergartners in eligible schools starting next month.
1:1 Fund Executive Director Carl Rist notes, “Schwab Bank’s generous matching grant gives our campaign a huge boost. Already, several Nevada citizens have also stepped up and donated to encourage families to start saving for college. We look forward to building off this momentum to help more families take the step of saving for their child’s college future. Each $50 can have a big impact on a family here in Nevada.”
About the Nevada College Kick Start Program
The Nevada College Kick Start Program is a statewide program that establishes, with an initial deposit of $50, an SSgA Upromise 529 Plan college savings account in the name of each 2013 kindergartner enrolled in a public school throughout the state of Nevada. Administered by the State Treasurer’s office and the Board of Trustees of the College Savings Plans of Nevada, the program’s funding is generated through grants, private sponsorships, and program management fees. No taxpayer dollars are utilized. To add to the state’s initial deposit and start saving for their child, parents must open up a separate, parent-owned 529 account with Upromise. To learn more, visit http://www.collegekickstart.nv.gov/.
About the 1:1 Fund
The 1:1 Fund supports the college dreams of low-income children by ensuring that those dreams are matched with savings in the bank. Conceived and capitalized by CFED, a national nonprofit that empowers low- and moderate-income households to build and preserve assets, the 1:1 Fund makes it easy for donors, large and small, to help kids save for college by matching their contributions in special children’s savings accounts. These accounts help low-income families save for college while giving them the confidence that post-secondary education is a real and attainable goal.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.
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Disclosures
Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com. 0414-1773
