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Saving For College In Kindergarten

I don’t know this guy but I like his philosophy on saving for education. Gavin Newsom is the mayor of San Francisco and he has high hopes of every student going to college regardless of their economic status. His convictions on this topic are so strong that he is committed to starting a college savings account for every kindergarten student attending a public school in San Francisco.

The savings account will be opened with $50 ($100 for lower income students) and will be directly funded by the city.This savings program is going to roll out to 25% of the incoming kindergartners this coming fall, 50% the following year, and continue gradually until all incoming kindergartners are receiving a college savings account upon enrollment. In addition, families who contribute $100 to the savings program during the first year will receive a matching donation from a local foundation called EARN

“I believe that every single child should be born not necessarily into wealth, but into opportunity,” Newsom said. “Once a mind is stretched, it can never go back.”

“It’s all about building aspirations – knowing they have a shot at being successful,” said city Treasurer Jose Cisneros, who developed the program with Newsom

I know that Gavin’s idea is probably going to come under fire and draw some scrutiny as his community is experiencing the same budget constraints that many states and cities are facing in our nation. However, I applaud him for his efforts and I hope his program is successful in changing the outcome for some of these students and providing them with the option of obtaining a college education.

On a side note, I was recently at the hospital (birth of our third child) and I was astonished by all the free things (product samples) and educational pamphlets that they provided us before we were discharged and headed home. I am wondering if a college savings informational brochure should be part of that mix? I am a firm believer that it is never too early to start a college savings account for your children.

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  1. […] start saving for college. Ironically, it is never too late either. Some folks believe in starting a college savings fund by the time their child reaches Kindergarten. Others have started long before the birth of their first child. The earlier you start saving the […]


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