Promise Indiana, a Child Savings Account (CSA) initiative, has received national recognition for its innovative efforts in changing the cultural mindset about continuing education. Promise Indiana began as Wabash County Promise, pioneered by CEO Clint Kugler of the Wabash County YMCA and dedicated allies who saw a need to encourage economic mobility for children in their community. During school enrollment, students K-3 opened CollegeChoice 529 Direct Savings Accounts with a $25.00 seed deposit from the enrollment sponsor Parkview Health. Over 2,200 accounts have been opened so far.
New America’s Asset Building Program and the Center for Assets, Education and Inclusion (AEDI) at the University of Kansas (KU) recently launched a study on a variety 529s and CSAs around the nation. Promise Indiana was one of the pilots highlighted in their research. Dr. Elliott, founder and Director of AEDI at KU stated, "We wrote this paper to share the value we see in Promise Indiana's efforts, to more fully articulate the dimensions of a CSA that distinguish it from the 529 instrument." Read the press release here.
The success of the program relies heavily on community champions to help encourage and support students. Watch this short video to learn about the experience students have during each program year to help lift their confidence in the ability to pursue a college education.
The Indiana Assets & Opportunity Network hopes to continue celebrating Promise Indiana as they continue to expand to six more counties in 2016 with the generous support from the Lilly Endowment, Inc. We believe this is an important solution to help children expand opportunities by building financial assets.
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