ScholarShare 529: Helping Families Save for Higher Education

Hello, I am John Chiang. And I am Liz Hernandez. We are here to talk about improving economic opportunities for all our children in our communities through higher education. Treasurer Chiang and I are first-generation Americans and proud college graduates. And we could not have reached our goals without
our hard-working parents making education a top priority. That’s right, Liz. When my parents emigrated from Taiwan a generation ago, they came to this country with very little. In fact, when my dad came to this country, he only had three shirts, two pairs of pants and about a hundred dollars in his pocket. But they worked hard and reached for opportunities
for their children. The opportunity to succeed no matter where you start out in life is what makes our country great. But at a time when future financial success
and higher education is aligning, the opportunities for families to afford college is fading. We know that education is the key to offset wealth inequality in America. And yet, tuition and housing costs to attend
college continue to skyrocket, putting college out of reach for too many. And whether you are the son or daughter of a teacher, police officer or mechanic, the
rising cost of college probably means you need more financial aid. Unfortunately, a lot of that aid comes in
the form of loans. Most college graduates leave
school with upwards of $30,000 in debt. That kind of burden can impact future financial success. And less privileged families tend to have
even higher loan balances. Sometimes this causes students to drop out
of college and miss out on the rewards that come with a diploma and a good-paying
job. But costs shouldn’t change your mind about college. Regardless of where we’re from and how much
money our families have, we all deserve a shot at an education and a bright future. And saving for college should be accessible
for everyone. The good news is that we have a program
for ALL families that helps them put away a little bit of money for higher education. It’s ScholarShare 529, California’s college
savings plan. Starting January 1, 2018, ScholarShare
529 will begin offering to low- and moderate-income families a match of up to $200 dollars! Every dollar your family saves for college, ScholarShare 529 will contribute another dollar. It’s free money! Families that establish a monthly automatic contribution plan will get a $25 dollar bonus from ScholarShare 529. And it may not seem like it, but anything you save today can help make a big difference
through the magic of compound interest. That’s right … by opening a ScholarShare 529 account and putting in just a small
amount of money, you are taking advantage of an investment tool that can exponentially
grow your money over time. And we are here to help you get started. It’s important for all of us to motivate
young people to think about not IF they’re going to college but WHEN they’re going
to college. And once they get there, we want to make sure that they graduate with minimal debt. That way they can take advantage
of all the future opportunities that college provides. Getting started is easy. Simply visit
to learn more. And remember, regardless of how much you are able to save, getting started is the key to
help get your child to college. And ScholarShare 529 will be there throughout your journey.

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