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Ohio county ends college savings plan that opened $100 bank accounts for all kindergarteners

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CLEVELAND — Officials have voted to end a program that established $100 college savings accounts for kindergartners in Cuyahoga (ky-uh-HOH'-guh) County.

County Council voted Tuesday to end the two-year-old program started by former county executive Ed FitzGerald, citing more-cost effective ways to encourage students to succeed.

Under the program, the county set aside $1.5 million each year to open $100 savings accounts for every kindergartener in the county.

The Northeast Ohio Media Group reports (http://bit.ly/1f2qsVv ) council members who had supported the initiative say the program was flawed and too few people added to their children's accounts.

Families with the accounts can keep the county's initial $100 deposit if they establish a 529 college savings account and notify the county where to transfer the money by the end of the year.


Information from: Northeast Ohio Media Group, http://www.cleveland.com

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