What is a Children's Savings Account for College?
Children's Savings Accounts for College (CSAs) are long-term savings or investment accounts that help children (ages 0-18) and their families build savings for future post-secondary education expenses.
Reality in Texas
- 49.4% of high school graduates do not enroll in Texas colleges1
- 52% of students enrolled in Texas colleges do not graduate.1
- Nationally 6 in 10 parents are savings for college2
- Children with college savings of as little as $1-499 are 3X more likely to attend college and 4X more likely to graduate.3
We are working to increase access to college for Texas students by helping more families save for future educational expenses. Are YOU saving for your child's future? If not, get started today!
CSA Movement in Texas
RAISE Texas is currently providing technical assistance on Children's Savings Accounts in different locations around Texas. Below is a brief history of our work on CSAs over the years.
Contact us if you are interested in starting a CSA in your area!
- Based on lessons learned from previous pilots and rigorous research into financial vehicles and CSA models, the Dollars for College Program was officially launched in two school districts in the Dallas area in 2019. Using the my529 account platform and different incentives, the program has been very successful at helping families open a college savings account for their student. More information is available here.
- DOLLARS for COLLEGE PILOTS 2015-16
The next step was to test offering a savings account for college along side the state-mandated financial education curriculum in the schools to refine and identify best practices to this approach. The Dollars for College Program offered college savings accounts to kindergartners in Richardson ISD and to 4th graders in Pflugerville ISD. The Richardson pilot involved over 300 Kindergarteners in 2 schools Schools had a large percentage of economically disadvantaged and Hispanic students (55% economically disadvantaged and 59% Most of our participating students were English language learners
- AMARILLO YOUTH PILOT
During the 2012-13 school year, OpportunityTexas with support from the U.S. Treasury Department, conducted a rigorous pilot in elementary schools in the Amarillo to test the impact of connecting a savings program connected to Texas’ financial education standards.The Amarillo pilot tested connecting students with general savings account. Pilot had promising results. Found school savings programs led to improved student attitudes about savings and financial institutions.
- CHILD SUPPORT FOR COLLEGE
The goal of the Child Support for College initiative was to encourage long-term economic success for families in the child support system by assisting custodial parents receiving child support through the Office of the Attorney General – Child Support Division in opening a college savings account to pay for their child’s future educational expenses and providing access to financial coaches. This project was the first of its kind in the country and ran from February 2012- August 2013. Click here for more details about this initiative.