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Cuyahoga County Announces KeyBank as College Savings Account Fiscal Partner

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Media contacts:  
Emily Lundgard: (216) 348-4395, (216) 338-0863 or elundgard@cuyahogacounty.us  
Donisha Greene: (216) 443-7075, (216) 640-1065 or dgreene@cuyahogacounty.us

KeyBank to also continue as the Cuyahoga County banking partner

CLEVELAND – Cuyahoga County awards KeyBank the role of fiscal partner, working with the County to implement and develop the Cuyahoga County College Savings Account Program.  KeyBank will provide program coordination including administration, direct services, account enrollment and reporting for the new program while continuing to serve as the primary banking partner of the County.  

The Cuyahoga County College Savings Account Program is designed to increase college and vocational school graduate rates for County residents.  The County will deposit $100 for each incoming kindergarten student.  A deposit-only account would then be established for all eligible children except those whose parents opt out.  The program will create a flexible college savings platform wherein families can deposit additional funds and intermediaries such as schools districts, foundations, and special purpose programs will potentially provide program incentives and matching funds.  

“We’re excited to announce this partnership with KeyBank and continue to build upon our long standing relationship. KeyBank shares our vision for the College Savings Account Program and I couldn’t be happier to work with a financial institution with local headquarters,” said County Executive Ed FitzGerald. 

"On behalf of my 5,000+ colleagues in Cleveland and the Northeast Ohio region, I am proud to announce our continued partnership with the Cuyahoga County Treasurer's Office and County Executive Ed FitzGerald in developing a robust College Savings Program that will expand the availability and impact of post-secondary education for young children in our community.  We view Executive FitzGerald's innovative college savings initiative as an effective means to assist families with the financial requirements of a college education and as an invaluable tool to teach children how to save for their futures,” said Beth Mooney, KeyBank Chief Executive Officer. 

According to The Center for Social Development at Washington University in St. Louis, children with a savings account are up to seven times more likely to attend college than those without an account, regardless of income, race, or parents’ educational attainment.