kindergarten to college program goals create a college going culture a child with a college savings...
TRANSCRIPT
Kindergarten to CollegeProgram Goals
Create a College Going Culture
A child with a college savings account in any amount is seven times more likely to attend college than one without, regardless of income, race, or academic achievement.
Reduce Financial Exclusion
One in three San Francisco children are born into families with no savings or assets of any kind, one in two for African-American and Latino families.
Kindergarten to CollegeProgram Goals
Increase Financial Literacy
K2C will be the vehicle that incorporates financial education into our school classrooms as part of the math curriculum.
Leverage private investment in San Francisco families
K2C leverages private funds for savings matches and helps families earn money for college at significantly higher rates than they can earn by saving on their own.
S
K2C: The BasicsEvery kindergartener automatically receives an account at
Citibank with an opening deposit of $50 from the City of San Francisco.
An additional $50 deposit is provided to the accounts of children on the free and reduced lunch program. Consent forms must be
signed to receive this bonus.
Families can contribute to the accounts by mail, in-branch, by ACH or online.
Matched savings and incentives are available to all families.$100 match for first $100 saved
$100 save steady bonusCitibank voucher program
Funding provided to SF Unified to support integrating the financial education into the curriculum.
Program DesignIncludes Main Success
Factors For The Accounts
o Auto-enrollment
o Universality
o Publicly funded seed accounts
o Matched Savings Opportunities
o Range of Deposit Options
o Financial Education
Success to Date
First accounts opened in May 2011
Total accounts 3,000
Additional 4,800 accounts each year
Total family contributions $15,000
Median deposit $103
Total dollar value of accounts: $200,000
Currently in 37 schools
By 2013, all 72 SFUSD elementary schools will be served
Currently engaged in outreach to new parents at school events, teacher conferences
Conducting extensive focus groups to assess interest
Thomson Family Foundation
We support families working to improve their lives and the lives of their children.
Our goal is to foster opportunities for families to increase their economic success and security by supporting community-based initiatives that improve access to education and asset-building resources and services.
Links
www.k2csf.org
k2c website with many program detail
http://assets.newamerica.net/publications/policy/kindergarten_to_college_k2c
Case study from New America Foundation about the SF model
http://www.1to1fund.org/
New organization that will support development of these programs