SF school kids get $11 million for college
SAN FRANCISCO >> At San Francisco City Hall on Tuesday, 17 first graders from Bryant Elementary School helped deposit the 11 millionth dollar into a college savings fund that will help each and every public school student in the city get a financial head start on higher education costs.
The youngsters were joined by Gov. Gavin Newsom, San Francisco Mayor London Breed, State Treasurer Fiona Ma and City Treasurer José Cisneros, who explained how the money will help them go to college.
“Who here is going to college?” Cisneros asked the kids sprawled on the carpeted floor.
“I'm not going to college,” one boy blurted out.
“We'll talk about that later,” Cisneros responded. No doubt he will.
Cisneros and other state leaders have a common goal: They want to give all students an equal chance to pursue higher education. The gathering was part of a celebration and announcement that San Francisco has amassed $11 million in funding for college savings for public school children.
San Francisco students aren't the only ones in California who will get a leg up to paying for exceedingly pricey college applications and tuition if they choose to pursue higher education, Breed said Tuesday.
More is on the way for kids across California. Recently, Los Angeles Unified launched a program that gives every first grader a $50 college savings account.
Newsom and Cisneros founded San Francisco's program in 2011, when Newsom was mayor, pledging to deposit $50 into an account for every kindergartener. Newsom and his administration have since launched CalKids, a statewide program with the goal of putting kids, especially from low-income communities, on a “pathway to college” from a young age. The program will be accessible regardless of immigration status.
The state's investment includes $170 million for incoming and eligible firstgraders. All children born in the state after July 1 will have savings accounts opened for them, Newsom said. Every newborn will receive a $25 base deposit, and can receive up to $75 extra for registering an account online.