San Francisco’s first Kindergarten 2 College beneficiaries are stating college this year with an average $1,422 in their accounts.
, for example, would put $1,000 in an account for every child in the U.S. at their birth, with the government making additional annual contributions for low and middle income families. By the time a low-income child reached 18, the account could total $50,000. Such large-scale plans have no chance in today’s Congress, but smaller college savings accounts are proliferating at the local and state level.
“We were really troubled by that very distinctly different outcome set based on a family's wealth,’’ says Cisneros. Elliott’s research suggested to Cisneros that city funded accounts might help narrow the gap.... [+]One of K2C’s success stories is Thailyah Miller, 18, who will be using the money from her account this fall at San Jose State University, where she plans to major in public health with a minor in Black women’s studies.
A crucial part of K2C, as Cisneros and Citibank see it, is that children get a college savings account even if their parents are unbanked—meaning they don’t have a conventional bank account.
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