SOUTH BEND, IND. – As college costs continue to rise at a pace that exceeds inflation, Teachers Credit Union (TCU) has presented a check for $5,000 to the Fulton County Promise in an effort to assist financially and help raise awareness among parents about the importance of saving for post-secondary education.
At a ceremony at Columbia Elementary School, Karol Griffin, executive director of the TCU Foundation, and Bethaney Bauman, TCU manager of the Rochester Service Center, presented the check to Stacey Schoenhals of the Fulton County Promise. TCU’s donation will be used to match donations made to students’ 529 plans.
A 529 Plan is an education, tax-advantage savings plan operated by a state or educational institution designed to encourage saving for college costs.
“The Promise is a distinctly ‘Hoosier’ state-wide initiative of comprehensive activities for youth and families to build hope for their future and create a community college-going culture,” the credit union said. “It is owned by community leaders, crafted to align with the state’s aspirations, and rooted in localities’ particular understandings of what is required to set all of their children on a path to educational success.”
“Thanks to the generosity of Teachers Credit Union, the Fulton County Promise can add value to the Rochester-area educational ecosystem by connecting teachers and families and uniting the efforts and talents of diverse individuals and organizations to support college-going culture,” said Schoenhals.
Research in an area near Rochester recently showed one in four residents had a degree after high school and only 6 percent of students at that time had a college savings account, such as an Indiana CollegeChoice 529 savings plan. Other research showed children with an account were at least three times more likely to attend college and four times more likely to graduate.
“Teachers Credit Union wants to help shape the next generation in the communities where we serve our members through educational savings and college and career discovery,” said Griffin. “Today’s donation is the latest example of TCU’s commitment to be a financial benefit in the communities in which it is a part.”