Save with a 529

You now have the option to move your savings from K2C into a CA 529 ScholarShare account without losing your K2C incentives. Families with higher balances or students nearing graduation may be especially interested in this opportunity to maximize college savings.  Benefits can include:

  • Additional investment choices with higher-rates of return based on your risk tolerance
  • Growth on earnings and qualified withdrawals free of federal and state income tax
  • 2021 matching grants (up to $225) for lower-income Californians who qualify and act quickly to open an account 

Steps to Save with K2C & 529 ScholarShare

1Open an account online at or their Spanish-specific site 
       a. Here’s a step-by-step video about ”how to open an account” 

2Request to wire your K2C balance into your 529 ScholarShare Account   
- Form for those enrolled in SFUSD
     English I español I Filipino I 中文  

- Form for those no longer enrolled in SFUSD
                                          English I español I Filipino I 中文 

3Connect your CA 529 ScholarShare account with K2C’s portal

Learn More

A 529 plan is an investment account that allows earnings to grow free from federal income tax when funds are used for qualified educational expenses including books, fees, supplies and tuition at universities, community colleges or trade schools.   

Though there are many state 529 plans to choose from, if you open a California ScholarShare 529 account, the City can wire transfer your contributions and incentives saved with K2C directly into your ScholarShare 529 account.    

Check out planning and saving for college and comparison tools on California Scholarshare’s website as you weigh your options.   

ScholarShare 529 is administered by the ScholarShare Investment Board, which is chaired by California State Treasurer Fiona Ma. Since its launch in 1999, ScholarShare 529 has helped thousands of families save for a higher education and has grown its total plan assets to almost $10.5 billion as of September 2020.   

CA 529 ScholarShare Brochures: 

The ScholarShare 529 2021 Matching Grant Program will offer eligible families a dollar-for-dollar match in contributions of up to $225 to those who apply and open new accounts beginning February 1, 2021. These funds grow 100% tax-free and can be used at any accredited higher education program, including community colleges and trade schools. Savings in a ScholarShare 529 account will not impact eligibility for most state benefits, such as CalWORKs and CalFresh.  

To be eligible, families must be California residents, have valid Social Security Numbers or Federal Tax Identification Numbers, and earn $75,000 annually or less. The beneficiary of the account must be 14 years of age or younger. 

CA 529 ScholarShare Matching Grant Fliers: 

  • Learn more about the California 529 College Savings Plan, its investment objectives, tax benefits, risks, and costs, please see the Plan Description at Read it carefully. 

  • Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice. 

  • Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.

  • If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.  

  • The treatment of investments in a 529 savings plan varies by school. Assets are typically treated as the account holder’s and not the student’s. (Student assets are generally assessed at 20% whereas parental assets are generally assessed at 5.6%.) Any investments, including those in 529 accounts, may affect the student's eligibility to get financial aid based on need. You should check with the schools you are considering regarding this issue. 

  • For K2C specific questions, you can also email or call 311 (in San Francisco) or 415-701-2311. You can also view your K2C account balance, access the latest program rules and forms at Sign on to regular Zoom office hours in English on Tuesday at 4pm or Spanish on Thursdays 9:30-10:30 am. 
  • For CA Scholarshare specific questions, you can call 1-800-544-5248 (Monday – Friday, 8:00AM to 7:00PM PT) and visit or their Spanish specific site