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San Francisco launches 'Kindergarten-to-College' savings program with city seed deposits and private partners
Summary
Mayor Gavin Newsom announced an automatic college-savings account program for entering kindergartners, backed by a city seed deposit ($50 or $100), Citibank account services (no fees, no minimums), nonprofit matches and a Gates Foundation grant to align SFUSD and City College.
San Francisco officials on Oct. 6, 2010, publicly launched a citywide program to open college savings accounts automatically for entering kindergartners, pairing a modest city seed deposit with private and philanthropic matching and a multi-year grant to support long-term alignment between the school district and City College.
Treasurer Jose Cisneros, who will oversee implementation, said the city will place an initial $50 or $100 deposit in each account depending on family circumstances to…
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