City Council
MEETING DATE: 8/8/2018
TITLE:
Title
Kindergarten-to-College Program
End
FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
This item is provided for information and discussion only. Jose Cisneros, Treasurer of San Francisco is scheduled to provide further information on the San Francisco program during the study session on September 11, 2018.
Body
BACKGROUND:
One of the goals identified at the January 27, 2018 City Council goal setting session was to evaluate the possibility and costs of a program to seed a college fund for public school kindergarteners.
A Kindergarten-to-College ("K2C") Savings Program, currently being done in the City of San Francisco, is a college savings program set up in partnership with the local school districts and the participating City/County/State. A K2C plan is established automatically for each district student entering kindergarten, or a participating program year. Typically, the City starts each account with $50, and offers additional incentives to families.
Studies have shown that students with college savings accounts in their own name are more likely to attend college and four times more likely to finish.
DISCUSSION:
How does the program work?
When a student starts kindergarten, the City/County/State sets up a K2C account with a $50 starting balance initial incentive from the program. The K2C account is issued an identification card and tracks the contributions and incentives for each student.
Making Deposits and Saving
Deposits can be made with the student's name and student's account number. For a cash deposit, you will also need to provide one valid government-issued photo ID and other identifying information. For a check or money order deposit, you will only need your student's K2C Account number and name. Deposits can also be made by check/money order deposit by mail; direct deposit, bill pay
Gifting to the account
Unconditional contributions (deposi...
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