Families of kindergarteners in Lansing are getting a boost toward saving for their future education thanks to a new financial program unveiled in mid-January through the City of Lansing,
the Lansing School District,
and the MSU Federal Credit Union.
—or Student Accounts Valuing Education—involves opening up an MSUFCU savings account for 357 kindergarten students at five schools to help families save for their child's post-secondary education. Students at Cumberland, Lyon, Reo, Riddle and Willow schools were enrolled in the first phase of the program. Other schools and groups of elementary students will join over the next four years, with the end goal being an MSUFCU savings account for every kindergartener in the Lansing School District.
"We all have the same goal to see our children be successful in life and be a positive contributing member of the community," says April Clobes, MSUFCU executive vice president and chief operating officer. "That ultimately leads to a better community for everyone."
The MSUFCU provided the initial funds to open up the individual accounts for students. Lansing SAVE will seek private sponsors to contribute to accounts, while family members and friends are encouraged to make regular contributions. The credit union has also committed to provide a $100 graduation gift to students that complete the program, graduate from high school, and go to college.
Lansing SAVE account holders will also receive in-school financial education from the MSUFCU in cooperation with the Lansing School District. The programs will include teaching children about money through a progression of age-appropriate courses. Subjects will include how to save, spend and donate, as well as future lessons on budgeting and understanding credit. All the lessons are paired with activities children can do at home with their family.
"Our children are our future," says Clobes. "They're our future employees, parents and elected officials. Investing in children and helping them to be successful is how we continue to have a vibrant and successful community."
Source: April Clobes, Executive Director and Chief Financial Officer, MSU Federal Credit Union
Writer: Ann Kammerer, News Editor
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