Competitive Edge


The LPS Foundation has implemented a one-of-a-kind idea to attract families to the district and provide a great service to current residents by offering college planning and financial assistance for each new incoming kindergarten student. The goal is to provide district residents a competitive advantage over other communities by helping families begin college financial planning for their children early-on while providing seed money to begin saving for college.

This plan exemplifies the passion the Foundation Board has to help each student in our community to be successful during their K-12 years and beyond,” said Jim Cambridge, President of the LPS Foundation. “It also meets the goal of the Foundation to generate new revenue for the district. By providing this competitive edge plan, we hope to encourage parents to move to Livonia. If this program helps to generate just 10 new students, that is over $80,000 in revenue for each year they are with us.” –Jim Cambridge

The Foundation Board has provided the program now since 2008 for new classes of incoming students and have received a positive response.  Cambridge cited the example of the successful Kalamazoo Promise program, recently implemented in that city, as a model for Livonia’s Competitive Edge program. Early results of the “Promise” show a variety of benefits for all areas of the community including increased enrollment, improved housing values, new retail development, and a renewed student commitment to completing their education.

Our program is not on the financial level of Kalamazoo’s program, but we certainly see the advantages for families to be in our school district with this type of support, along with the many other great things Livonia and Westland have to offer families with children,” Cambridge said.

How It Works

  • The Foundation will provide an opportunity for the family of each new kindergarten student to set up an IRS Section 529 college savings plan
  • The Foundation will hold education savings planning seminars for parents to learn about college savings, along with the tax and other advantages of a Section 529 Savings Plan.
  • At these seminars, the Foundation will be prepared to set up a Section 529 savings plan for each student. The Foundation will be the account holder and the student will be the beneficiary.
  • The Foundation will provide an initial contribution to a 529 savings account for the kindergarten student.
  • Parents are encouraged to start a 529 savings plan and contribute towards it.
  • To be eligible to utilize the Foundation’s 529 savings plan, a student must:
    • Sign up in kindergarten
    • Graduate from Livonia Public Schools
    • Attend an eligible post secondary school upon graduation
    • (There are no restrictions for accounts set up by families)
  • The Competitive Edge will be offered annually for each new kindergarten student.
  • The Foundation will use the State of Michigan’s MESP Section 529 Plan. There are over 100,000 current savings accounts with this well established program and parents may be eligible for a state matching contribution. For more information on the state’s program, visit www.MISAVES.com.

Why It’s Offered

  • The LPS Foundation believes “Every child needs a foundation.” So we are committed to simplifying college savings planning for parents and to help get them started.
  • The LPS Foundation Board sees a unique opportunity to significantly expand its influence and benefit to the LPS Community.
  • This program will help attract families to the community which benefits everyone. Property values, funding for schools and municipalities, and business traffic are all enhanced by new families moving to our community.

Comments are closed.
Follow

Get every new post delivered to your Inbox.