LOS ANGELES (CBSLA) — Young children in Los Angeles County will get a head start on saving for college with the new Opportunity LA program.
The City and County of Los Angeles has partnered with the LAUSD to launch Opportunity LA, which they say will be the largest children’s savings account program.
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Opportunity LA will automatically start first-graders off with $50 in a free savings account at Citibank. The program has already started this year with 196 schools and more than 13,000 students.
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“We know that getting a head start on savings for college is critical, but the reality is that a lot of our families don’t have the means to do so,” Los Angeles City Council President Nury Martinez said.
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The program, which will ultimately reach more than 35,000 students, is funded with grants.