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California Student Aid Commission Honors El Monte Promise Foundation’s Work with $600,000 Grant

FOR IMMEDIATE RELEASE

January 22, 2021

CONTACT: Sam Ruiz
SRUIZ@PROMISENOW.ORG

El Monte Promise Foundation is one of only 11 organizations in California to be awarded

EL MONTE — The El Monte Promise Foundation (EMPF) is excited to be selected as a recipient of the Child Savings Account (CSA) Grant from the California Student Aid Commission (CSAC). The CSA Grant will help EMPF expand college access for more of El Monte’s youth.

The CSA Grant Program provides funding to local governments and nonprofit organizations that sponsor citywide or regional child savings account programs. With this grant, CSAC has recognized the great contribution that EMPF’s Scholars Savings Program (SSP) is making in the El Monte community. EMPF created the Scholars Savings Program in 2015 to address the financial barriers that many families face and to help make college planning a reality for all students. SSP is a postsecondary savings program that provides opportunities for families to open college savings accounts through “my529”, EMPF’s account provider. Since the program’s inception, more than 400 students have enrolled in the program and have collectively saved more than $300,000 for college.

Jennifer Cobian, Executive Director of EMPF, is hopeful that more families will enroll in the Scholars Savings Program. “We know that the pandemic has put an extra strain on many families in our community. We are grateful that the California Student Aid Commission recognizes our commitment to breaking down barriers that can limit students’ paths to college. Our goal is to give every family the opportunity to help their children get to college.”

EMPF will be using the grant funds to support the needs of our low-income and immigrant families whose children are likely to be first-generation college students. These grant funds will help more families begin to save and help current SSP account holders add to their accounts. EMPF will also continue to expand financial literacy programming for parents and students.

The El Monte Promise Foundation is a community-based organization that unites the community’s efforts to create a seamless cradle-to-college pathway in the greater El Monte region. EMPF is committed to creating a college-ready culture and believes education is fundamental to a community’s growth and development. Families interested in enrolling in the Scholars Savings Program can visit www.promisenow.org/enroll. For inquiries about SSP, families can contact Francisco Arroyo at (626) 782-2753 and ssp@promisenow.org. Francisco is available to speak in English and Spanish.