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Boston city councilor proposes college savings plan for Boston children

Posted by Leslie Anderson  August 21, 2013 02:06 PM

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Boston City Councilor Matt O'Malley today proposed a plan that, if implemented, would help urban families start saving for college early.

“College tuition is a staggering prospect for most families and the cost continues to rise every year,” O’Malley said, according to a press release. He represents Jamaica Plain, West Roxbury, parts of Roslindale and Roxbury, and the back of Mission Hill.

In the proposal, O'Malley cited data from Sallie Mae released earlier this year that says the number of families with children under 18 who are saving for college fell from 60 to 50 percent within the last two years, and that college is becoming unaffordable for a rising number of families.

He noted that the average cost of college tuition has quintupled over the last 30 years.

O'Malley wants Boston to consider opening a non-interest, deposit-only bank account with an initial deposit of $50-100 for all kindergarten students in Boston Public Schools. Similar programs are being considered or adopted in other cities.

“We need to help Boston’s families find a way to finance their children’s education while teaching the city’s young people the importance and value of saving,” O'Malley said.

Shandana Mufti can be reached at malika.mufti@globe.com.

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College Bound offers news and advice on preparing, applying, and ultimately heading off to college. Send your ideas and questions to Leslie.Anderson@globe.com. More »
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