July 29, 2022
Mayor Carter Announces $3 Million Bush Foundation Grant to Support College Savings in Saint Paul
Major Investment Marks Effort to Sustain CollegeBound Saint Paul and Secure the Future of Young Saint Paulites
SAINT PAUL, MN – Today, Mayor Melvin Carter announced a $3 million grant from the Bush Foundation to support CollegeBound Saint Paul, the City’s college savings account program.
Part of the CollegeBound Saint Paul Fund for the Future effort to secure $35 million to permanently sustain the program, this grant will support new college savings accounts, as well as support Saint Paul’s Office of Financial Empowerment in partnering with researchers at the University of Michigan under Professor William Elliott, a nation-leading expert on children’s college savings, to further evaluate the impact of CollegeBound in our community.
“This announcement brings us one step closer to our dream of making CollegeBound Saint Paul a permanent fixture in our community,” said Mayor Carter. “I am enormously grateful that the Bush Foundation believes in our children enough to make this game changing investment.”
“Cities are labs of innovation for democracy,” said Jen Ford Reedy, President of the Bush Foundation. “CollegeBound Saint Paul is a great example for the way government can develop, test, and spread great ideas to solve community problems.”
“Saint Paul’s demographics reflect the future of our nation - a rich tapestry of many different cultures and languages,” said Professor William Elliott. “The nation will be looking for the solutions and impact coming out of the Saint Paul model.”
“There is no greater return-on-investment than supporting the futures of children in our community,” said Craig Leipold, owner of the Minnesota Wild and co-chair of the CollegeBound Saint Paul Fund for the Future. “This investment is remarkable and we invite more community partners to join in to fund the future of Saint Paul children.”
ABOUT COLLEGEBOUND SAINT PAUL
Led by the City’s Office of Financial Empowerment, CollegeBound Saint Paul is the City’s college savings program to provide every child born in Saint Paul with $50 in a college savings account. Since CollegeBound launched on January 1, 2020, the program has opened 7,447 savings accounts with over $900,000 in savings for children born in Saint Paul.
Families who have a child born on or after January 1, 2020, and have moved into the city, or who are otherwise not currently enrolled, can visit the CollegeBound Saint Paul enrollment page at https://collegeboundstp.com/enrollment/.
ABOUT THE COLLEGEBOUND SAINT PAUL FUND FOR THE FUTURE
The Fund for the Future is the fund development committee formed to secure funds for CollegeBound Saint Paul and is co-chaired by Mayor Melvin Carter and Craig Leipold, the owner and governor of the Minnesota Wild. The Fund for the Future is seeking to secure $35 million in funding to permanently sustain CollegeBound Saint Paul. Members of the Fund for the Future include corporate, philanthropic, and community leaders.
ABOUT THE SAINT PAUL OFFICE OF FINANCIAL EMPOWERMENT CollegeBound Saint Paul is housed with the City’s Office of Financial Empowerment. Learn more about the Office of Financial Empowerments efforts to support members of our community at Office of Financial Empowerment | Saint Paul Minnesota (stpaul.gov).