CARSON CITY, Nev. (AP) — A new state program wants to give Nevada kindergarteners a jump start on saving for college.
State Treasurer Kate Marshall says the pilot program will launch in October in the rural counties. She hopes to expand it to include Clark and Washoe counties at a later day.
The Las Vegas Sun reports accounts with $50 will be established for each kindergartener.
No taxpayer money is involved. The program will be financed through grants, private donations and management fees Nevada receives from financial institutions.
Studies have shown young students with college savings accounts are more likely to continue their education.
Money will revert to the state if students don’t go to college by age 25. They cannot use the money for any other purpose.
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