Program to Give Parents $50 for College Savings

Deborah B. Goldberg is the Massachusetts State Treasurer and Receiver General.

BOSTON (AP) — A new Massachusetts program will give parents $50 toward their children’s college savings.

State treasurer Deborah Goldberg was joined by Boston Mayor Martin Walsh to announce the SeedMA Baby program on Tuesday.

Under the plan, the state will teach parents how to open a 529 account. The program will contribute $50 to accounts for parents of children born or adopted on or after Jan. 1, 2020. Private donations will fund the program.

Walsh started a similar program in Boston in 2014. Supporters say children who have accounts at an early age are more likely to go to college than those who don’t.

Goldberg says the program is “empowering the next generation of Massachusetts residents.”

Connecticut, Maine and Rhode Island have similar college savings programs.

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