Franklin Matters: "When they receive paperwork at the hospital, they really look at it"

Monday, January 20, 2020

"When they receive paperwork at the hospital, they really look at it"

From the Milford Daily News, articles of interest for Franklin:

"Four years after the pilot program launched in the city, state Treasurer Deborah Goldberg visited Worcester earlier this month to promote the rollout of the now-statewide BabySteps college savings program.

The new initiative, which began on Jan. 1, provides a $50 contribution to a college savings plan for every new child born or adopted in the state. Parents just have to check a box on a form provided shortly after the baby’s birth or adoption.

The thinking behind the program is that starting out with a funded account will motivate families to keep putting in their own money as their child grows.

“The world is so complicated,” Goldberg said, while touring the maternity ward at UMass Memorial Medical Center on Belmont Street. There are plenty of financial pressures on parents today, she added, but “you don’t have to save that much for them to not go into debt” funding their child’s college education."

Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/news/20200118/after-starting-in-worcester-babysteps-college-savings-program-launches-statewide

From the BabySteps Savings Plan page

"The BabySteps Savings Plan is the first universal educational savings program of its kind in Massachusetts. Launched in January of 2020, any child born or adopted in Massachusetts will be eligible for a free $50 deposit to their college savings account. Children will be able to receive their deposit until their first birthday, or one year from a child’s adoption. Any parent or guardian may begin this process as soon as a child is born.

The Office of the State Treasurer and Receiver General believes that common access to post-high school education and training is vital to economic mobility and stability in Massachusetts. Research shows that children with college savings accounts are three times more likely to attain higher education. With the 2020 expansion, BabySteps can reach every family in Massachusetts and encourage forward-thinking investments and savings."