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NorCal students get savings acct for college

September 5, 2010 12:00:00 AM PDT
The city of San Francisco is launching a one-of-a-kind program designed to send more children to college.Mayor Gavin Newsom broke the news to some kindergarten students last week.

He told them that each student will get a college savings account courtesy of city taxpayers.

Kids will get $50 to start, and lower income children will get $100.

As an added incentive, a private foundation will contribute $100 for every child whose family saves $100.

"To our knowledge, it hasn't been done in the United States, and what a nice backdrop, you know, in the midst of everybody talking about budget cuts and constraints," said Newsom.

The program costs about $200,000 a year, and it will have to be approved each year during budget negotiations.