New $eedMA program encourages college savings

Monson Savings Bank has launched similar effort in Monson

BOSTON (WWLP) – The cost of a college education is getting more expensive, so a new program is giving parents an incentive to save up for their children’s future.

State Treasurer Deb Goldberg kicked-off $eedMA as a three-year pilot program in Worcester, with the goal of eventually expanding it statewide.

Every parent or guardian who enrolls their kindergarten child into a 5-29 account will get a $50 deposit, no strings attached. These seeded college savings accounts are paid for through public-private partnerships between the state treasurer’s office and other organizations.

Nowadays, many jobs in Massachusetts require a special skill set.

Goldberg told 22News that she hopes the $eedMA program will encourage parents to start saving up for college, well before their child enters middle school.

“We’re wrapping services teaching the child and their families about saving, banking, even potentially retirement over the course of the program,” Goldberg said.

Efforts are underway to expand the $eedMA program. Monson Savings Bank has agreed to start a similar program with kindergarteners in the Monson Public Schools.