How California college savings accounts sow early seeds of higher education

Newsom’s proposed state program would give accounts to 3.7 million low-income students

by Ali Tadayon, EdSource May 20, 2021May 20, 2021

San Francisco fifth grader Andrea Fuentes contributes from her piggy bank toward a college savings account, given to all San Francisco students in first grade. Gov. Gavin Newsom has proposed a similar statewide program to give all low-income first graders college accounts with $500 or $1,000. (Photo via EdSource)

Giving low-income youth college savings accounts at a young age has emerged as a strategy across California to not only help families build financial assets, but also stoke tangible college aspirations.

Such programs have sprung up in Oakland, Los Angeles and several other cities since San Francisco became the first in California in 2011 under then-Mayor Gavin Newsom to give every child entering kindergarten at San Francisco Unified a college savings account with $50 funded by the city and county of San Francisco.

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