The Marion County Promise program wants to help families send their children to college.
To that end, the program is collaborating with local organizations to do more than spread the word about the College529 Direct Savings Account. When Marion County Promise (MCP) project manager Madison Criswell attends an organization’s event, she does on-the-spot enrollments for the college savings account.
“MCP is currently enrolling students and implementing the program into the following organizations: Boys and Girls Club of Indianapolis, Cold Spring Elementary, Community Alliance of the Far East Side and other local schools and programs,” Criswell said.
Marion County Promise was created to get more families — especially those from low-income households — to take advantage of the CollegeChoice 529 Direct Savings Account. In addition to enrolling more low-income families into 529 accounts, MCP’s goals include decreasing the achievement gap between low-income and higher-income students as well as motivating students to reach their full potential to obtain stable and successful futures.
“We want every child to know no matter where they come from, where they live, that they have the potential to be anything they want to be,” Criswell said.
While anyone can enroll in a 529 account, those enrolled through MCP receive a $25 deposit to kick start the savings. The $25 seed money comes from the Central Indiana Community Foundation (CICF) Glick Foundation. In fact, CICF partnered with Marian University to create the MCP in September 2016.
Research shows every little bit counts when it comes to helping a student achieve higher education goals. According to the Center on Assets, Education and Inclusion at the University of Kansas, even small dollar account balances of $1 to $499 makes attending college 3.5 times more likely for a low- or middle-income child.
MCP partnered with Miss Indianapolis Black Expo Scholarship Pageant to start 529 savings accounts for participants.
“All pageant participants are awarded scholarship money to start their funds and winners of the pageant categories are awarded additional money,” pageant chair Shamika Anderson said. “This is the first year we have partnered together, but we are excited for what we can do for all of our contestants in the future.”
In addition to starting a savings account for higher education expenses, MCP wants to generate conversations and curiosity about college — even among the youngest students and their parents. MCP is part of a K-12 approach that includes age-appropriate activities to introduce college and career discovery.
Once families begin an account, they’re encouraged to continue making deposits to grow the funds. Students enrolled in MCP also visit college. Students participate in hands-on activities and interact with current college students to learn about areas of study and possible careers.
“It’s really super important for us to make sure that a kid can see themselves on a college campus,” Criswell said. “(So) it’s not just this idea.”
This program doesn’t stop at children, though. It’s also an opportunity to help low-income parents create bank accounts, increase their financial capability and build long-term assets.
“This program has been successful so far from great partnerships being created throughout the community, Criswell said. “It’s been encouraging to see the growth of the program so quickly.”
Contact staff writer Dontre Graves at 317-762-7848.
