Assemblywoman Megan Dahle has 3 kids of her own and is very familiar with the stress of saving for college and applying for financial aid. “We taught our kids to save early and often… Maximizing financial aid is really important to support our rural kids in accessing college!”
Dahle supports the Modoc CSA program and financial literacy by reading the money bunny series book “Save It!” to a group of Kindergarten and First graders at the First 5 playroom on Friday May 6th.
The new Modoc CSA program has invited EVERY K-3rd grader at Surprise Valley Elementary, Tulelake Elementary, and Alturas Elementary schools to have a child savings account with $50 in seed money opened. Another $50 can be earned when a parent or guardian completes a baseline survey to help us establish current banking data in Modoc County.
The Modoc CSA program deposits grant funds into Scholarshare investment accounts held by Advancing Modoc Youth on behalf of Modoc County students. These investments grow until a student graduates from a Modoc County public high school, at which point they can be withdrawn to spend on qualified training or education program expenses like college tuition, vocational training supplies, or even rent if a student must move to attend such a program. Only students who do the work K-12 and register in these programs will receive the funds. Think of it like a scholarship given early, that grows through investment over time, and is awarded when graduates satisfy the academics required for post-secondary programs.
The Consumer Financial Protection Bureau, found that rural Americans rely on physical bank branches and smaller banks, though many lack access to physical branches; rural Americans are less likely to have a credit history and more likely to use non-bank credit, resulting in rural consumers paying more for credit; and medical debt affects rural access to credit, housing, and employment. Pacific Crest Union is a strong and innovative partner for the Modoc CSA program and has designed Pathfinder Youth Accounts to help children with financial literacy and physically save, invest, and build credit early. In partnership AMY and PCU will integrate Juniper the Sasquach’s lessons into the Modoc CSA program. Read more about PCU’s Pathfinder Youth Accounts!
The Modoc Child Savings Account program exemplifies our commitment to kids. By depositing money for all students, regardless of their family’s ability to save independently, the Modoc CSA program hopes to fulfill AMY’s mission to grow, train, and retain Modoc Youth!
Special Thanks to Nicole Hinton of First 5 for hosting our visit and to Dan Roeder of the David Zee Foundation, who in partnership with MHS Interns, are working on a PSA for this program- stay tuned!