CSA Program Models
City and County Governments
San Francisco – Kindergarten to College (K2C)
CFED helped develop the pioneering Kindergarten to College savings account program in the City of San Francisco, in partnership with San Francisco Mayor’s Office, the Office of the Treasurer, the Department of Children, Youth, & Their Families and the San Francisco Unified School District, and with support from EARN and the New America Foundation. The Kindergarten to College program was the first publicly funded universal CSA program in the United States. The program opens a savings account seeded with a $50 deposit for every child entering kindergarten in San Francisco public schools, and children eligible for free or reduced price lunch receive an extra $50. Participants can earn additional incentives for saving steadily for six months. The savings account is then coupled with a financial education component.
Cuyahoga County (Ohio)— College Savings Account Program
Cuyahoga County’s CSA program automatically opens a college savings account for every incoming kindergartener in the County, which includes Cleveland. The program, which launched in 2013, was championed by former County Executive Ed FitzGerald. Cuyahoga County enrolled 25% of kindergarteners in the program in fall 2013 and plans to enroll 100 percent of incoming kindergarteners by fall 2015. The County seeds each account with a $100 initial deposit that can be used for any postsecondary education, including vocational training as well as two- and four-year colleges. The program also includes a financial education component and is part of an accelerating trend to begin teaching saving and money management skills to both children and their parents.