College Kids is a savings initiative for kindergartners entering St. Louis Public Schools and charter schools. Each child entering kindergarten has a college savings account opened for them with a $50 starting, or “seed”, deposit. Children, families, other individuals or organizations can contribute to the student’s account. Participants are also able to earn incentives and matches as they are available through the program.
The College Kids program is launching with the kindergarten class of 2015-2016 and accounts will be opened each subsequent year, dependent upon continued availability of City funds.
Studies have shown that student with college savings accounts in their own names are several times more likely to make it to college and to graduate. Even low-income students with less than $500 in their accounts are 3 times more likely to attend college and 4 times more likely to graduate than their peers. We also recognize that St. Louis continues to rank in the top 5 of U.S. with unbanked or underbanked households. College Kids accounts give access to healthy and safe financial products and services for a new generation and for their families. We want to make college attainment a reality for every family and to provide them with the knowledge and resources to make it happen!