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Chance to grow college savings plan
REGION -- There is a great new opportunity for parents in the Mountain Valley region to begin college savings plans for any child under the age of 18.
Due to a grant to Univ. of Maine at Farmington's Partnerships for Success from the Finance Authority of Maine, if parents attend five events, out of many options, they will be able to earn $25 to deposit into a NextGen account, according to an email from Barb Radmore of RSU 10 Western Foothills Kids' Association.
"When they match that with $25, they will also get a $200 deposit in the account. So for an investment of time and $25, they will end up with $250, and the start of a good college savings plan," she noted.
An introductory session will be held from 4-5 p.m. on Thursday at the Rumford Elementary School.
There will also be sessions on financial literacy for the next four Thursdays. These sessions, along with future ones, count towards the $25 match. The sessions are free with light refreshments served.
Radmore said the $25 match is only for children under the age of 18 in the Mountain Valley region. This is since the grant is an experimental, best practice to determine what effect the match has on college savings accounts. Other parents or others from outside of the Mountain Valley region are welcome to come to financial literacy sessions but it will not count towards the match.
But anyone can deposit $50 and be eligible for the $200. This option will be explained at tomorrow's meeting and others throughout the year.
Partnerships for Success is a program that provides college access and readiness to young people through the generosity of a Department of Education GEAR UP partnerships grant and at the Dirigo High School through the generosity of the Nellie Mae Educational Foundation.
In addition to their financial grantors, Partnerships for Success is partnered with many community organizations to provide training, education, and support to their students, families and school districts. With a paid staff of six people, and many student tutors, mentors and volunteers, plus the invaluable input from faculty at both the public school and university level, the GEAR UP and Nellie Mae programs are making huge strides towards helping students reach their goals in attaining a higher education.
For more information, contact Barb Radmore 357-6987 or Dori Fellman 491-5490.