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Treasurer Cisneros unveils "Kindergarten to College" pilot: $50 seed accounts for incoming kindergartners
Summary
City Treasurer Jose Cisneros told the SFUSD board the new program will open custodial college-savings accounts for incoming kindergartners with a $50 city deposit (an additional $50 for eligible free/reduced lunch students); 1,200 accounts at 18 schools will be opened in year one, expanding to all kindergartners by year three.
San Francisco Treasurer Jose Cisneros presented the City—s new "Kindergarten to College" initiative to the Board on Jan. 25, outlining a phased rollout that will automatically open custodial college-savings subaccounts for entering kindergartners.
Under the program, every child entering kindergarten in participating schools will receive an account opened by the City and County of San Francisco with an initial $50 deposit; children eligible for free and reduced-price lunch will receive an additional $50. The Treasurer said families may opt out but that accounts will be opened automatically unless a family requests otherwise.
"Every child entering in…
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