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.
A version of this article appeared in the October 13, 2010 edition of Education Week as San Francisco Seeds College Accounts for Kindergartners