State May Help Parents Pay for College
Joining the MOST and Upromise programs, Steelman introduced the Legacy Initiative.
It would work this way: Parents have a starting balance of zero in their MOST Savings Account. If they add $10 a month, the Legacy Initiative will match up to a total of $50. If they include Upromise Rewards of $500 a year, the total contribution to their child's college saving fund would be $670 per year.
The legacy fund was just introduced in the state Senate on Thursday, so initial estimates may change. Money from the state's unclaimed property account will initially finance the Legacy Fund, so there will be no charge to taxpayers.