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.
More information is available at www.aboutschwab.com.
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Talk blog.
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.
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Copyright Business Wire 2014