News in Brief
San Francisco Seeds College Accounts for Kindergartners
The City of San Francisco is making a direct investment in the educational future of its youngest residents by setting up college-savings accounts for all public school kindergartners by 2012.
Starting with 18 schools this year, the city will automatically open a savings account for parents when children start kindergarten, depositing $50 for most students and $100 for those from lower-income families.
Philanthropies will help boost the accounts by making deposits as the Kindergarten to College program rolls out. EARN, a local nonprofit organization, has committed to matching the first $100 parents add to their child’s account. Others plan to offer matches and incentives later. Citibank is helping launch the program with 1,200 accounts this year.
Vol. 30, Issue 07, Page 4