Education Funding News in Brief

Ed. Dept. Launches College-Savings Plan

By Caralee J. Adams — June 11, 2012 1 min read

A new College Savings Account Research Demonstration Project was unveiled by the U.S. Department of Education last week that is designed to help disadvantaged students pay for higher education.

The $8.7 million needed for the initiative will come from federal funds in Gaining Early Awareness and Readiness for Undergraduate Programs, or GEAR UP, a program that aims to improve college readiness among low-income middle school and high school students.

About 10,000 GEAR UP students will receive $200 in seed money to start accounts as freshmen in high school. Students then will have the opportunity to earn $10 a month, which would be matched by the government over the next four years, with the chance to save more than $1,000 by the end of high school. GEAR UP will follow the outcomes of students receiving savings accounts with a control group of peers who did not. Research suggests that savings accounts can be a factor in students enrolling in college.

A version of this article appeared in the June 13, 2012 edition of Education Week as Ed. Dept. Launches College-Savings Plan

Let us know what you think!

We’re looking for feedback on our new site to make sure we continue to provide you the best experience.

Events

This content is provided by our sponsor. It is not written by and does not necessarily reflect the views of Education Week's editorial staff.
Sponsor
Future of Work Webinar
Digital Literacy Strategies to Promote Equity
Our new world has only increased our students’ dependence on technology. This makes digital literacy no longer a “nice to have” but a “need to have.” How do we ensure that every student can navigate
Content provided by Learning.com
Mathematics Online Summit Teaching Math in a Pandemic
Attend this online summit to ask questions about how COVID-19 has affected achievement, instruction, assessment, and engagement in math.
School & District Management Webinar Examining the Evidence: Catching Kids Up at a Distance
As districts, schools, and families navigate a new normal following the abrupt end of in-person schooling this spring, students’ learning opportunities vary enormously across the nation. Access to devices and broadband internet and a secure

EdWeek Top School Jobs

Data Analyst
New York, NY, US
New Visions for Public Schools
Project Manager
United States
K12 Inc.
High School Permanent Substitute Teacher
Woolwich Township, NJ, US
Kingsway Regional School District
MS STEM Teacher
Woolwich Township, NJ, US
Kingsway Regional School District

Read Next

Education Funding How Much Each State Will Get in COVID-19 Education Aid, in Four Charts
This interactive presentation has detailed K-12 funding information about the aid deal signed by President Donald Trump in December 2020.
1 min read
Education Funding Big Picture: How the Latest COVID-19 Aid for Education Breaks Down, in Two Charts
The massive package enacted at year's end provides billions of dollars to K-12 but still falls short of what education officials wanted.
1 min read
Image shows an illustration of money providing relief against coronavirus.
DigitalVision Vectors/iStock/Getty
Education Funding Education Dept. Gets $73.5 Billion in Funding Deal That Ends Ban on Federal Aid for Busing
The fiscal 2021 deal increases K-12 aid for disadvantaged students, special education, and other federal programs.
3 min read
FILE - In this Nov. 8, 2020, file photo, the Washington skyline is seen at dawn with from left the Lincoln Memorial, the Washington Monument, and the U.S. Capitol.
In this Nov. 8, 2020, file photo, the Washington skyline is seen at dawn with from left the Lincoln Memorial, the Washington Monument, and the U.S. Capitol. (File Photo-Associated Press)<br/>
J. Scott Applewhite/AP
Education Funding The Incredible Shrinking COVID-19 Relief Package for Schools?
The parameters of new bipartisan aid bill might signal that coronavirus relief for schools will fall short of what they've hoped for.
3 min read
The U.S. Capitol Dome
The sun shines on the U.S. Capitol dome in Washington. (AP Photo/Patrick Semansky)
Patrick Semansky/AP