New Initiative to Give All Children in Salem City a College Savings Account

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A new initiative titled the “Acorn Fund,” recently put into effect by the Forman S. Acton Educational Foundation, will make saving for college easier for children of Salem City, N.J. The program aims to give every child in Salem City a college fund.
Initially, the Foundation put $275,000 in the fund. This will help almost 1,200 students in pre-K through senior year of high school who will be able to apply for the program in April 2016. All future students in Salem City will be automatically eligible to have a college savings account with their name on it.
The initial “seed deposit” is expected to grow in the coming years as the Foundation will be putting more money in the accounts. It is proven that children with college savings accounts are more likely to attend college and it is the Foundation’s hope that the Acorn Fund will encourage more children in Salem City to seek higher education.
“Like the acorn that became Salem’s famous 600-year-old oak tree, we expect these investments to be the start families need to grow something great,” said Forman Acton Foundation President Kathryn Markovchick.
The Acorn Fund account will also make students eligible for additional scholarships from the New Jersey Higher Education Student Assistance Authority (HESAA). HESAA provides some of the best scholarship opportunities for students planning to attend a college in New Jersey.
Franklin Templeton Investments, the program manager of New Jersey’s college savings program, has put its support in the Acorn Fund. Both parties hope that this fund can be used as a model for other towns and communities to try to do similar programs.
In addition to the Acorn Fund, the foundation has another $622,000 that they expect to give to Salem City students in the form of scholarships and grants.
High achieving students were able to apply for scholarships of up to $10,000 a year for whatever college they want to attend. The scholarship winners for this year will be announced in May.
Families who want to enroll or get more information should contact the Forman S. Acton Educational Foundation directly by e-mail at info@formanscholars.org or by phone at 844-4- FORMAN (436-7626). For more details about this and other foundation programs, visit FormanScholars.org.