Governor Newsom Highlights Universal College Savings Program at Celebration of  Millionth Deposit for Kindergarten to College Program in San Francisco 

Governor Newsom Highlights Universal College Savings Program at Celebration of $11 Millionth Deposit for Kindergarten to College Program in San Francisco 

Today, Governor Gavin Newsom joined a class of 1st graders from Bryant Elementary School as they deposited the $11 millionth dollar into Kindergarten to College savings accounts, highlighting the success of this program and how the Administration has expanded this concept statewide. 

San Francisco’s Kindergarten to College (K2C) program, founded in 2011 by then-San Francisco Mayor Newsom and Treasurer José Cisneros, automatically opens a savings account seeded with $50 in public funds for every child entering kindergarten in San Francisco’s public schools, putting students on a path to college from their first day of school. There are nearly 50,000 K2C participants who, as of today, have $11 million saved for post-secondary education.

Last year, Governor Newsom made history by creating the largest statewide college savings account program in the country, providing at least $500 for every eligible low-income student in California. Research has shown that when kids have a college savings account in their own name – even with less than $500 in it – they’re three times as likely to attend college, and four times more likely to finish college. 

“College savings accounts are transformational opportunities for millions of kids to be successful in college,” said Governor Newsom. “The program we created here in San Francisco has invested $11 million in thousands of kids’ futures, and we’re taking that promise of success statewide – creating a universal college savings account program so that every California student can be college ready.”

“We started K2C so that every student in our public schools would know that they have a future worth saving for,” said San Francisco Treasurer José Cisneros. “More important than the money itself, $11 million in savings represents millions of conversations our families are having with their children about going to college.”

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