(San Francisco Mayor) Newsom seeks college accounts for kindergarteners

[alp227]

Source: San Francisco Chronicle

Some say everyone should go to college. Mayor Gavin Newsom is trying to ensure that's the case in San Francisco.

Every child who enters kindergarten at one of San Francisco's public schools will get his or her own city-funded college savings account under a groundbreaking program officials plan to begin rolling out this fall, despite the current budget woes that will force layoffs and service cuts in other areas.

The deposits would be small - $50 to start, $100 for lower-income children - but the hope is that they will pay huge dividends, teaching students about saving and budgeting while forging the conviction that a college education is within reach.

"I believe that every single child should be born not necessarily into wealth, but into opportunity," Newsom said. "Once a mind is stretched, it can never go back."

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/05/28/MNF61DJU9M.DTL

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This sounds good, but...shouldn't the K-12 education system be fixed first? This seems a bit toothless and questionable given the budget troubles state- and city-wide. And Newsom is somehow echoing the New Democrats who are pushing an "everyone goes to college" agenda. Face it, some people are better off not in college and rather in voc school.

[RandySF]

1. Don't believe the hype.

I am sure we will be able to add this to the list of projects the mayor never follows through with.

[Gormy Cuss]

6. +1

That's Gavin.:D

[CreekDog]

10. health care, reduced crime and somehow protecting a lot of city services during the downturn

i think he's actually doing a pretty good job.

and i spend most of my waking hours in SF.

[sandnsea]

2. It costs money to go to vocational school too

Regardless, having the financial means to compete beyond high school is a big part of the battle in getting kids to appreciate the value of the education they're getting in the lower grades. How much is $100 worth in 18 years?

And frankly, YES, everybody should finish high school with the belief that there is something at a 4 year college that would benefit them and their future success. If not, we have ALL failed.

[Auggie]

3. I like the concept

of teaching savings...

but this requires a commitment of about $500 to $700 a year to work for public institutions, at least. Are low-income families up to that?

Figure...

If public university tuition and fees average $28,000 over four years (http://www.collegeboard.com/student/pay/add-it-up/4494.html) that would require an additional yearly savings starting at about $700 a year (closer to $800 considering books and incidentals, and maybe even $1000 when adding in room and board) by age 18. (calculations: http://www.money-zine.com/Calculators/Retirement-Calculators/Retirement-Fund-Growth-Calculator)

And that's factoring a return of 10%.

(Rough numbers)

[Ramulux]

4. Good idea not sure its the right time

Love the guy but I think he needs to focus more on improving the conditions for the children already at school. Improve the elementary, middle, and high schools before you spend that money on bank accounts for kids who may never use them or even get through high school.

[earcandle]

5. Great Idea for the poorer folks to have some hope, and the middle class folks to have asistance.

Thanks, Mayor Newsom!

[RandySF]

7. He doesn't want to be around for it

He's running for Lieutenant Governor and after six years in City Hall, he springs this with just over a week before the CA primary. I wonder what his internal polls are telling him. This guy has been AWOL form the city since at least 2007 and even told the press he was tired of his day job. Even if the election was not a factor, he has a long history of coming up with ideas that he drops once the press conference is over. Let's see how "hard" he fights for it if he doesn't get elected to higher office.

[davidinalameda]

8. he won't

I'm bummed that I won't get to vote against him or Harris since I moved from Cali

[RandySF]

11. That's ok

I voted against them. They're both incompetent.

[davidinalameda]

12. thanks

[Corey_Baker08]

9. As a College Student From a Low Income Family I Love the Concept of His Idea!

I know that college isn't for everyone and 4 year colleges and universities aren't for everyone, but there are alternatives where individuals like myself who come from a family not blessed with wealth can still get a college level education.

The idea, in my opinion, will help particularly low-income students like myself, who just out of high school couldn't afford to go to college instead entering the workforce because I knew I could get grants and student loans and federal financial aid, the idea of being in debt for a 2 year education and the thought of not having the money to get to school or survive once I was actually enrolled in school was a terrifying one for me.

This program would help to take that worry and that fear away, and whether right or wrong, students would feel obligated to go to college because if they didn't the money they have in their college fund would just be completely waster because its not like you can use the money for anything else except college. All of the while somewhat teaching students of all ages about importance of saving money, and having an active savings account.

I do not agree with the timing of this proposal though. I'm from Ohio but I know the budget problems our city and state is facing are in line with the rest of the countries. Then again its like why wait? If were going to get serious about universal college it has to start now with this generation, we have waited long enough for bold ideas and swift action when it comes to helping low income students like myself get to college and once enrolled stick with it.