El Monte Promise Foundation Wins $448K Grant to Bolster Student College Savings Accounts
The El Monte Promise Foundation has won a $448,000 Every Kid Counts state grant that will enable the nonprofit to expand its college savings program for K-12 students, including those enrolled in El Monte Union High School District schools.
The California Student Aid Commission awarded $2.9 million in grants to nine nonprofit organizations and agencies across the state that sponsor or administer programs that incentivize families with children to open and maintain college savings accounts.
The funds will be distributed over three years and will allow the Foundation – which launched its savings program in 2015 to help cultivate a college-going culture in El Monte – to bolster its Scholars Savings Program.
“I want to congratulate the El Monte Promise Foundation for winning this competitive grant and supporting our families in financing their child’s pursuit of higher education,” Superintendent Dr. Edward Zuniga said. “Students across the El Monte community will greatly benefit from this grant and help our children save for college.”
The El Monte Promise Foundation, a partner of El Monte Union, engages families in financing their children’s pursuit of higher education by opening college savings accounts, teaching a student and parent financial literacy curriculum and providing college admission information to high school students through the El Monte Union Pledge Compact. The Foundation in 2018 awarded the District the Bobby Salcedo Esperanza Award for establishing a seamless cradle-to-college pathway for students.
The Foundation’s 529 college savings plan allows parents/guardians to open tax-free accounts on behalf of their child, save money and help defray unexpected costs. Students are eligible to receive state matching grants and other financial incentives from the Foundation upon opening an account.
For more information, visit the Foundation website or call (626) 453-3794.