GOV § 99101

The Legislature finds and declares all of the following:

(a) Children who have even small savings accounts for college are three times more likely to attend, and four times more likely to graduate from, college.

(b) College enrollment among low-income students has risen but significantly lags behind the enrollment of middle- and high-income students. In 2012, about 51 percent of recent low-income high school graduates and equivalency holders were enrolled in college, while enrollment among middle- and high-income students had risen to nearly 65 percent and 81 percent, respectively.

(c) Recent pilot programs in California and throughout the nation have proven that low-income people can save if they have incentives and mechanisms encouraging them to do so.