YEO Policy Books 2015 Policy Book - Page 36

Kindergarten to College Universal Savings Program Origin: San Francisco Office of Financial Empowerment Link: Click here Summary: In 2012, every incoming San Francisco public kindergarten student, a total of over 4,500 students, received a college savings account with a $50 deposit, and the opportunity to receive bonus incentives. Now, more than 20,000 accounts have been opened since the program began in 2010. Talking Points & Important Information: • The program’s goal is simple: to make sure every child in San Francisco can save for post-secondary education. • Children who have even small savings accounts for college are 7 times more likely to attend and graduate from college than those who have no savings account. • Universal savings plans and automatic deposits at birth enshrines engages parents and children from the beginning and enshrines the value of pursuing higher education. In fact, college enrollment among low-income students has risen though significantly lags enrollment by middle- and high-income students. In 2012, about 51 percent of recent low-income high school graduates and equivalency holders were enrolled in college, while enrollment among middle- and high-income students had risen to nearly 65 percent and 81 percent. 2015 POLICY BOOK LOCAL LEVEL PAGE 36