The Los Angeles Unified School District is expanding its savings accounts program, which helps students reach college regardless of financial status. NBC4’s Lauren Coronado reports on March 18, 2024.
The Los Angeles Unified School District is expanding its savings accounts program to help students save money for college.
The program, Opportunity L.A. (OLA), is made available to first-grade students at participating elementary schools.
“It's a real, substantial investment in young people, for their future, for the stability of their families’ financial futures as well,” said Los Angeles City Councilwoman Monica Rodriguez.
Get top local stories in Southern California delivered to you every morning. Sign up for NBC LA's News Headlines newsletter.
Rodriguez announced during a news conference that more than 100,000 LAUSD students have been provided free college savings accounts since the program started two years ago.
The program starts with an initial $50 deposit.
The city and county of Los Angeles, LAUSD and Citibank have been partnering together since the program started and have secured additional funds to keep the program going.
First-grade students at the participating schools will automatically receive a welcome kit in the mail during the spring semester.
Once the account is set up, families will be able to make deposits in person at a local Citibank or online.
In addition, Councilwoman Rodriguez says she secured a $1.5 million grant from the State of California dedicated to outreach efforts.
Parents are encouraged to go to OpportunityLA.com to identify resources and instructions on how to start their accounts.
