Youngsters to receive money for savings accounts

  • 2021-01-23
The city of Stockton has been given a grant of $4.6m as part of a child savings account program.

Michael Tubbs, mayor of Stockton, said that there could be close to 4,000 children of three or four years old who are enrolled in pre-kindergarten programs and may be eligible to receive funds from this grant. The amount would be $750 each, and would be invested in a 529 savings account.

Tubbs said that every child of this age should have the same opportunity for such a savings account as his son. It is expected that by the time these children graduate from high school, these accounts could grow to as much as $2,000, which can be applied to expenses for college or a trade school.

This is a pilot program that will start in the next academic year and was a collaboration of the mayor’s office, the Reinvent Stockton Foundation, San Joaquin A Plus, and the Stockton Unified School District. Such collaborative efforts often turn to flyer printing to inform the community of their efforts. The funds are being allocated by the California Student Aid Commission.

Those eligible for the funds will be determined by San Joaquin A Plus, which will be holding the funds. Those enrolled in preschool and head start will most likely be the ones to receive these funds.