Mayor Carter Announces CollegeBound Elementary and Partnership with Saint Paul Public Schools

SAINT PAUL- Today, Mayor Carter announced CollegeBound Elementary, a new initiative and partnership with Saint Paul Public Schools to foster a city-wide college-going culture. This initiative builds on the success of CollegeBound Saint Paul and celebrates the program's first participants who entered Pre-K classrooms this fall.

CollegeBound Elementary will also expand eligibility, allowing all families whose children entered a Saint Paul Public Schools Pre-K classroom to opt-in to a college savings account regardless of address or birth year. Since 2020, over 14,000 children have been enrolled in the starting-at-birth college savings accounts, accumulating more than $3 million to date.

"Investing in our children from birth is one of the surest ways we can realize a fairer, more resilient future," said Mayor Carter. "Our CollegeBound Elementary expansion unlocks proven financial benefits for more families to grow the educational confidence of more students."

The Office of Financial Empowerment began working with Saint Paul Public Schools in 2022 to design a comprehensive set of prompts, activities, conversations, and other signals focused on instilling post-high school aspirations for CollegeBound children as soon as they reached school halls. CollegeBound Elementary will further support participating families to help boost savings, cultivate college and career readiness, and expand whole family wealth literacy.

"Bringing CollegeBound St. Paul into our schools shows that we not only believe in our students, but are willing to put that belief into action," said Saint Paul Public Schools Interim Superintendent John Thein.

The announcement was part of CollegeBound Elementary's first Family Deposit Day co-hosted with Bremer Bank, where families who contributed to savings accounts earned a bonus $25. Through the new initiative, students will have opportunities to engage in activities in and out of classrooms, earning up to $350 in additional bonuses, as well as access to educational tools centered on wealth justice.

Bremer Bank has been the financial partner of CollegeBound Saint Paul since its inception in 2020 and have been crucial in closing the access gap to higher education for families in Saint Paul.

"Bremer has been the proud financial partner of CollegeBound Saint Paul since its inception, and the tremendous growth of the program is inspirational. This pioneering program is helping to improve access to higher education for families across this community. Bremer's stated purpose is to cultivate thriving communities, and we know that strong neighborhoods mean strong communities, and strong communities build strong economies. Thank you to Mayor Carter for your innovation and commitment to Saint Paul," said Bremer President and CEO Jeanne Crain.

CollegeBound Elementary plans to expand to charter, private, and homes schools within the City of Saint Paul in future years.

ABOUT COLLEGEBOUND ELEMENTARY

CollegeBound Saint Paul's new initiative will partner with elementary schools in Saint Paul to provide opportunities for children to earn bonuses in college savings accounts, while gaining access to college and career opportunities. Families will also receive support with navigating the financial system. The CollegeBound Elementary program will be implemented in all Saint Paul Public Schools with Pre-K programs, expanding to additional schools within the district as the program's first participants progress through elementary school. School counselors at each school will act as School Champions, helping to facilitate curriculum and the coordination of Family Deposit Days.

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