College Kids, a program providing Children’s Savings Account for every single kindergartner in a public and charter school within the city of St. Louis, launched in the fall of 2015. These accounts were opened automatically with an initial $50 deposit from the City of St. Louis Treasurer's Office to help families jump start their college savings. With matches for contributions up to $100, attendance bonuses and incentives up to $50 for completing financial education courses, College Kids started this year’s kindergarten class on the path to college!
The City of St. Louis Treasurer’s Office has developed a pioneering program to promote college savings and financial literacy for the city’s schoolchildren and families through the “College Kids” Children’s Savings Account Program. College Kids’ purpose is to provide all children enrolled in St. Louis Public Schools and St. Louis City charter schools with a savings account for postsecondary education, thereby increasing the accessibility of postsecondary education for our citizens. Additionally, College Kids will ensure access to banking resources for under-banked citizens, while creating a culture of asset building. The program launched in the fall of 2015-2016 school and included:
- Approximately 3,200 incoming kindergartners
- A $50 seed deposit funded by the Treasurer’s Office for each student
- Financial education for a community with 88% of kindergartners qualifying for free or reduced lunch
The incentives to spur family participation and increase savings include:
- Attendance: Students can earn up to $30 per year based on their year-end attendance report.
- Smart Saver: Deposits will receive a dollar-for-dollar match, up to $100 during the first year.
- Financial Education: Parents and guardians are able to earn an additional $50 in contributions by completing financial education courses in-person, online through Wells Fargo Hands on Banking® and through the College Kids smartphone app.
Support College Kids
In partnership with the 1:1 Fund, the City of St. Louis is now raising dollars for these critical matching incentives. Local business and foundation support is critical to this process. By partnering with the 1:1 Fund, local supporters can make tax-deductible donations that will be used to encourage College Kids students saving and striving for college. You or your organization can make a tax-deductible donation by:
Title donations for College Kids in the following manner: ‘College Kids via 1:1 Fund, Prosperity Now’
Using the 1:1 Fund’s Washington DC address:
1:1 Fund, Prosperity Now
1200 G Street NW, Suite 400
Washington, DC 20005
Including the 1:1 Fund, Prosperity Now EIN number if necessary: 52-1141804
Donations are also accepted for College Kids via the 1:1 Fund's website.