STOCKTON, Calif. — A $4.6 million grant has been awarded to the City of Stockton as part of a child savings account program, Mayor Michael Tubbs announced on Twitter.
"Every 3 and 4-year-old deserves what my 14-month-old has. Since he was born, he's had a childhood savings account," Tubbs said.
As many as 4,000 3-year-old and 4-year-old children enrolled in Pre-K programs could be eligible for the grant. The grant would be for $750 and would be invested in a 529 savings account, Tubbs said.
"I've said this all four years. I'll say it 40 years later. I think everyone deserves what me and my family deserves. So, I'm excited for 4,000 young people to have child savings accounts just like my son," Tubbs said.
The accounts are expected to grow to nearly $2,000 by the time the children graduate, at which time the fund can be applied to college or trade school expenses.
“Talent and intellect are universal, but resources and opportunities are not. Since 2016, it was a part of my vision to make higher education accessible for all Stockton students,” Tubbs said on Twiter.
The child savings account plan is a three-year pilot program that starts in the 2021-2022 school year, Tubbs said. The $4.6 million in funds was allocated by the California Student Aid Commission.
The program was launched in collaboration with Mayor Tubbs' office, the Stockton Unified School District, San Joaquin A Plus, and the Reinvent Stockton Foundation.
“Eligibility will be worked out between San Joaquin A Plus, which is the organization where the money will be housed and their partners, but it will probably be people who have enrolled in head start and preschool,” Tubbs said.
With two weeks remaining in office, he’s still making announcements, and the mayor admits he’s still debating his next move.
“I’m definitely going to spend some time figuring out how do we help local news, and local print journalism and how do we combat disinformation,” He said.
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