Cuyahoga County Council approves college savings program

Cuyahoga County Executive Ed FitzGerald has long advocated education throughout a child"s life – from early childhood to obtaining a college degree.

As a candidate for county executive he proposed funding a program to offer college scholarships to county residents.

The county charter, approved by voters, mandates that the County Council establish a post-secondary scholarship program.

Last November, FitzGerald said that rather than provide a scholarship fund, he wanted to create an incentive for children to attend college. He proposed a College Savings Account Program – a $100 college-savings account for every new kindergarten student who lives in the county.  

Council members spent several months revising the proposal and approved the measure on Tuesday. The new program begins this fall.

Each year the county will place about $1.5 million a year in a master account at one or more financial institutions. A sub-account, showing a $100 credit, will be established for each of the 15,000 children entering kindergarten at public, private and parochial schools. Families can opt out of the program if they choose.

It is expected that family members and others will contribute to each account. Teachers and the financial institutions will offer financial literacy information so students can see how their fund will grow and help them pay for college.

Council will continue to evaluate the program. A 12-member committee — including educators, bankers, civic leaders and parents — will oversee the program and provide fundraising support.

While some council members said the account would have no impact until the student graduated, FitzGerald disagreed.

"The impact starts right away,” he said Tuesday. "They are getting on a college track and virtually every single public school superintendent in ready to get in the program. They want to teach children the power of savings.”

So, although the proposal has been revised, on the Fitz-O-Meter, the dial can now move from In the Works to Promise Kept