Frankfort KY, June 1, 2005—State Treasurer Jonathan Miller and Secretary of State Trey Grayson announced today that their Cradle to College Commission has been awarded a grant, worth up to $100,000, from the Saving for Education, Entrepreneurship, and Downpayment (SEED) Policy and Practice Initiative. The grant gives the commission $20,000 per year for up to five years and provides assistance from CFED, a nonprofit, nonpartisan organization that works to expand economic opportunity.
Nearly a year ago, Secretary Grayson and Treasurer Miller introduced the Cradle to College Commission to examine a new financial aid proposal—to provide children born in Kentucky with a college savings account soon after their birth. These accounts will be funded to meet at least a community or technical college education. In exchange, every high school senior who wishes to cash in his or her account to attend college would provide community or military service in Kentucky. There will be incentives for those who stay to pursue their careers in Kentucky, particularly in lower-paying, but socially-beneficial professions such as teaching, law enforcement, and social work.
Treasurer Miller stated, “We have been trying to come up with some creative ways of ensuring that every Kentucky family has the opportunity to pursue higher education. Winning this grant is a strong signal that we are on the right track toward making the dream of a college education a reality for all of Kentucky's children.”
“The SEED Initiative’s selection of the Cradle to College Commission adds greater credence and support to this bi-partisan effort for Kentucky families and students,” said Secretary Grayson. “It is our hope, through the support of this grant, that we can develop a model that will benefit students not only in Kentucky but across the nation.”
The SEED Policy and Practice Initiative is a multi-year national initiative to develop, test and impel matched savings accounts and financial education for children and youth. SEED is a partnership of the Aspen Institute Initiative for Financial Security, the Center for Social Development of Washington University, CFED, the New America Foundation, and the University of Kansas School of Social Welfare. It is funded by a number of national foundations including the Charles and Helen Schwab Foundation, Citigroup Foundation, the Ford Foundation, MetLife Foundation, and the Richard and Rhoda Goldman Fund.
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