San Francisco introduces 'Kindergarten to College' savings program

With tuition on the rise, it's getting more and more difficult for families to scrape together enough dough to fund degrees. San Francisco Mayor Gavin Newsom is trying to change that. Newsom has introduced a new program called Kindergarten to College (K2C), which would open savings accounts for kindergartners enrolled in the public school system. K2C aims to help families afford their children's higher education and teach kids about the importance of saving.

The Corporation For Enterprise Development (CFED) is behind the effort, launched this spring. EARN, a non-profit dedicated to helping low-income workers and the largest provider of micro-savings in the U.S., and the city of San Francisco are also involved in K2C, which works like this: Each starting student receives $50 in an account from the city. Then, students who qualify for free or reduced-priced school lunches get an additional $50. EARN will match the $100 that families deposit in the first year, and encourage families to contribute what they can to college savings accounts.