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City treasurer outlines Kindergarten to College accounts, calls for deeper outreach
Summary
City Treasurer Jose Cisneros updated the SFUSD board on Kindergarten to College: the program automatically opens seeded college-savings accounts ($50) for kindergartners, now covering 42,000 accounts with $4.3 million saved by families; officials and parents discussed outreach, incentives for low-income households and account access.
City Treasurer Jose Cisneros told the Board of Education that Kindergarten to College (K2C), launched in 2011 with then–Mayor Gavin Newsom, automatically opens a college-savings account for every SFUSD kindergartner and seeds it with a $50 deposit. Cisneros reported more than 42,000 student accounts and about $4.3 million in family deposits to date and said research shows children with accounts are more likely to attend college.
"We launched Kindergarten to College to help parents and their kids get to the starting line," Cisneros said, describing school-day field trips to bank branches and on-site deposit opportunities at some schools. He said more than 50% of families who are actively saving qualify for free or reduced-price lunch, and the program is being designed with equity incentives to provide extra support to low-income students.
Board members asked how the program reaches families who lack nearby bank branches or internet access. Cisneros and staff said the program opens accounts automatically using district records (name, address, date of birth, parent name) and requires no Social Security number; they described adult field trips, teacher and principal outreach as primary levers and proposed on-site deposit-taking as an access strategy. Cisneros noted the city is exploring targeted extra deposits for homeless, foster and public-housing students and that state budget proposals have earmarked funding to expand similar programs statewide.
Parents and school representatives raised equity concerns in public comment: a parent said some neighborhoods have no nearby banks and asked for adult financial-literacy support so families can link savings to household finance. Cisneros responded that partners (local nonprofits and school liaisons) and on-campus deposit takers can bridge gaps and that incentive funds are still being defined.
The board thanked Cisneros and encouraged continued collaboration with district staff on outreach plans and communication to families.
