St. Paul is expanding eligibility to the CollegeBound initiative by partnering with St. Paul Public Schools (SPPS) to give more pre-K students access to college savings bank accounts.
Through CollegeBound, children enrolled in pre-K at a St. Paul public school will have access to a savings account and other career and college readiness resources, St. Paul Mayor Melvin Carter said in a statement.
The program already enrolled about 14,000 children in savings accounts, accumulating over $3 million since 2020, Carter said.
“Investing in our children from birth is one of the surest ways we can realize a fairer, more resilient future,” Carter said in the statement. “Our CollegeBound Elementary expansion unlocks proven financial benefits for more families to grow the educational confidence of more students.”
Sue Arvidson, a counselor for SPPS overseeing the expansion, said the public school’s direct partnership with CollegeBound makes it easier to help students prepare for the future.
“In working with the schools, we’re able to tap in directly to what the school counselors are already doing in our schools to make sure that students are prepared,” Arvidson said. “We’re able to make it more concrete for them and their families as they connect with this concept that there’s actually a savings account there for them.”
The city is working with Bremer Bank to set up the savings accounts and create opportunities for families to add bonuses to these accounts, Bremer President and CEO Jeanne Crain said in a statement.
“Bremer has been the proud financial partner of CollegeBound Saint Paul since its inception, and the tremendous growth of the program is inspirational,” Crain said in the statement. “This pioneering program is helping to improve access to higher education for families across this community.”
Bremer Bank is helping support a “school deposit day” each year from elementary through high school where activities will help teach students about saving money, Arvidson said.
“In a developmentally appropriate way, we’re starting to build that concept of putting something off in savings for that greater payoff later in their life,” Arvidson said.
In addition to the CollegeBound partnership, SPPS is working to introduce the idea of college and career readiness skills early on in students’ education, Arvidson said.
“Starting in kindergarten, all students receive a unit on college and career readiness where they spend some time really talking about their identities, understanding their likes, their talents and trying to make a connection with a future career,” Arvidson said.
Arvidson said the SPPS is working on ways to engage and connect with families to help set up students for success down the road.
“Part of what’s getting built this year is connections with our family engagement department in SPPS so that families can learn some of the concepts of wealth justice, and understand steps that they can be taking even when their children are young to help them to be prepared for their future,” Arvidson said.
Currently, the program is fully funded through grants and business services, Arvidson said. As long as funding continues, the program has the potential to grow.
“I’m an eternally optimistic person,” Arvidson said. “I think the more we can show its impact, the easier we’ll have to continue to raise those funds.”
