Making Education Work for the Poor: The Potential of Children's Savings Accounts

by Willliam Elliott, Melinda Lewis

Overview

Making Education Work for the Poor identifies wealth inequality as the gravest threat to the endangered American Dream. Though studies have clearly illustrated that education is the primary path to upward mobility, today, educational outcomes are more directly determined by wealth than innate ability and exerted effort. This accounting directly contradicts Americans' understanding of the promise the American Dream is supposed to offer: a level playing field and a path towards a more profitable future. In this book, the authors share their own stories of their journeys through the unequal U.S. education system. One started from relative privilege and had her way to prosperity paved and her individual efforts augmented by institutional and structural support. The other grew up in poverty and had to fight against currents to complete higher education, only to find his ability to profit from that degree compromised by student debt. To directly counter wealth inequality and make education the 'great equalizer' that Americans believe it to be, this book calls for a revolution in financial aid policy, from debt dependence to asset empowerment.

The book examines the evidence base supporting Children's Savings Accounts, including CSAs' demonstrated potential to improve children's outcomes all along the 'opportunity pipeline': early education, school achievement, college access and completion, and post-college financial health. It then outlines a policy that builds on CSAs to incorporate a sizable, progressive wealth transfer. This new policy, Opportunity Investment Accounts, is framed as the cornerstone of the wealth-building agenda the nation needs in order to salvage the American Dream. Written by leading CSA researchers, the book includes overviews of the major children's savings legislation proposed in Congress and the key features of prominent CSA programs in operation around the country today, as well as new qualitative and quantitative CSA research. The book ultimately presents a critical development of the theories that, together, explain how universal, progressive, asset-based education financing could make education work equitably for all American children.

Product Details

ISBN-13:	9780190866846
Publisher:	Oxford University Press
Publication date:	08/02/2018
Pages:	288
Product dimensions:	6.10(w) x 9.10(h) x 0.80(d)

About the Author

William Elliott, PhD, MSW, is Professor and Director of the Center on Assets, Education, and Inclusion (AEDI) at the School of Social Work, University of Michigan.

Melinda Lewis, MSW, is Associate Professor of Practice at the School of Social Welfare, University of Kansas, and also Assistant Director at the Center on Assets, Education, and Inclusion (AEDI).

Table of Contents

Preface
Introduction


Chapter One: Going to School in Unequal America

Chapter Two: The Battle to Define Life Chances and the Distributional Consequences of the Current Education and Economic Systems in America

Chapter Three: Effort Appears Inadequate in the Modern World: Our Identities Are Shaped by Our Real Life Chances

Chapter Four: Moving from the Status Quo to a 21st Century Financial Aid System

Chapter Five: Children's Savings Accounts' Influence on the Opportunity Pipeline

Chapter Six: Toward an Equitable Opportunity Pipeline: The Creation of a Uniquely American Proposal for the 21st Century

Chapter Seven: Conclusion: The American Dream Needs a Wealth Agenda


Appendix A: Descriptions of Some Children's Savings Account (CSA) Programs in the Field
References

Editorial Reviews

"In their new book, Elliott and Lewis propose the implementation of Opportunity Investment Accounts, a significant policy solution to build financial wealth and security for low-income families. Their research puts an end to the debate as to whether educational opportunity and success in life depends more on innate ability and effort than income. They illustrate that wealth is the determinant that stimulates economic prosperity and social inclusion for all. They show that low-income, economically disadvantaged students come to education with strong ability and aspirations, but without the resources and educational support they need, too often failing to reach their academic and societal potential. This book is a call to action for our nation to enact policies and programs that build wealth equality for all to deliver on the promise of the American Dream in the 21st century."

-Martha Kanter, EdD, former U.S. Under Secretary of Education

"Making Education Work for the Poor makes a bold contribution to the literature that focuses on the realities of opportunity in America and how wealth inequality is the primary driver of our economic challenges. The book ties this analysis to the promise of the American Dream, explaining how this promise not only animates our economic growth, but is the bedrock of democracy and civic engagement. It provides a vivid description of the profound consequences created by the failure of too many Americans to even believe, let alone achieve, the American Dream. Finally, the text grounds visionary and ambitious policy solutions in both economic and sociological data. This is a truly ambitious book that addresses the unprecedented political, economic, and social challenges that we are facing with a methodology and message that millions should hear."

-Andrea Levere, MBA, President, Prosperity Now

From the Publisher