BOSTON, Mass. (WWLP) – Treasurer Deb Goldberg today announced open enrollment for the SoarMA pilot program providing seeded college savings accounts to low-income middle schoolers in select Massachusetts Gateway Cities. Every account opened through the SoarMA program includes a $50 deposit and families can have their savings matched up to $400 in the first year. SoarMA is a two-year initiative that includes the cities of Haverhill, Lowell, Pittsfield, Springfield and Worcester.
The 529 college saving accounts will be offered through the Office of the Massachusetts State Treasurer’s Office in collaboration with the Massachusetts Educational Financing Authority (MEFA) and Inversant, a Boston-based non-profit organization.
SoarMA aims to increase the percentage of families saving for higher education while also boosting post-secondary enrollment and graduation rates for the participating cities. The initiative, funded through public-private partnerships, will provide a matched savings program and deliver high-quality financial education programming to families, building a culture centered on saving for the future and sustainable budget management.
Learn more about the program and to enroll, click the link here.