College Kids Helps St. Louis Children Achieve Their Dreams
In 2015, the City of St. Louis Treasurer’s Office launched their largest and most ambitious financial empowerment program to date: the College Kids Children’s Savings Account program. Every kindergarten student in a St. Louis Public and charter school receives a savings account from the Treasurer’s Office with a $50 deposit. Families can watch the account grow through efforts and incentives such as matched savings, attendance bonuses, and parent participation in financial education courses.
Research shows that children with less than $500 saved are three times more likely to enroll in college and four times more likely to graduate from college than children without college savings accounts.
The money for College Kids comes from residual parking revenue and charitable donations. So, if you have ever received a parking ticket, parked at a meter or in one of the city owned garages in St. Louis, you helped send a kid to college!
The City of St. Louis Treasurer’s Office provides college savings accounts to all kindergarten students enrolled in public and charter schools in the City of St. Louis. Our mission is to improve college access and postsecondary success among youth, increase assets for low-to-moderate income families living in the city, and promote the use of safe and affordable mainstream financial services and products for students and their families. We want to break generational cycles of poverty and increase economic mobility by increasing the number of households that are banked and financially literate.
By partnering with United Way of Greater St. Louis, Inc. 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 either online or via mail.
If you would like to mail your College Kids donation, please make your check payable to “St. Louis College Kids via United Way of Greater St. Louis, Inc.” and send it to the following address:
United Way of Greater St. Louis Attn: Complete Charitable Solutions PO Box 954281 St. Louis, MO 63195-4281
If necessary, the EIN for United Way of Greater St. Louis, Inc. the 501(c)(3) fiscal sponsor, is 43-0714167.
College Kids is a children’s savings account program where St. Louis City public and charter school students are automatically enrolled, and every kindergartener receives a $50 seed deposit from the St. Louis Treasurer’s Office. Throughout the school year, students are rewarded for attendance, participation in financial education and matched savings. Students participate in activities such as Storytime with the Treasurer, Family Savings Night, Deposit Day, Virtual Game Shows, Student Spotlights and much more.
Deposit only account
Variety of Incentives – returning the consent form, attendance incentive, completing the online banking quizzes, attending financial education courses at the Office of Financial Empowerment and attending Family Savings Night
Ways to make deposits: direct deposit, online bill pay, in-branch, shared branches and by mail
Families can check balances and view accounts online
Funds can only be accessed when the child enters post-secondary school – two-year or four-year institutions, training programs, trade, technical or vocational school.
Incentives and match dollars can be earned only while a student is enrolled in an eligible St. Louis City public or charter school. All incentives and match funds are conditional on a student’s post-secondary educational attendance. Should a student’s College Kids savings account be closed, the seed deposit and any incentives or match dollars awarded, could be forfeited, and returned to the College Kids Program.