Children's Savings Accounts Helping Low Income Kids Get To College

By Dr. Marciene Mattleman

PHILADELPHIA (CBS) - Cole Sigurdson, a kindergartner, surprised his mom one day by bringing home a flyer announcing that he would be getting his own savings account for a college education with an initial $50 deposit that donors could match. Since then, his mom, who struggles to pay basic expenses, has put in $20 monthly.

Cole is one of 13,000 kids in San Francisco benefiting from the Kindergarten to College program where every student gets a Children's Savings Account, a CSA.

A study in Children and Youth Services review found that children from low income families with as little as $500 (or less) in CSA's were three times more likely to attend college.

Currently there is discussion of funding in Congress supporting the idea of CSA.'s which can be used for trade school or any post-secondary education.

Read more about this important program in the New York Times.