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
  • 2022 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

View ScholarShare Workshops

August 30th ScholarShare Workshop [Click here to view]

August 31st ScholarShare Workshop [Click here to watch]

September 1st ScholarShare Workshop in Spanish [Click here to watch]

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: 

California ScholarShare’s 2022 Matching Grant Program offers eligible families a dollar-for-dollar match in contributions of up to $200 for those who open new 529 accounts beginning February 1, 2022. Plus, families who establish monthly recurring contributions of $25 or more when opening an account can receive another $25 – that's over $225 in additional incentives.  

To qualify, the parent/guardian should first open a new 529 account with ScholarShare (online application in English or Spanish on paper) and then apply online for their 2022 Matching Grant. 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 as of December 31, 2022. Although not a requirement for 529s overall, to qualify for ScholarShare’s matching grant, the account owner must be the beneficiary’s parent or legal guardian.  

The matching grant opportunity is separate from incentives earned or awarded by Kindergarten to College (K2C). It is administered exclusively by California ScholarShare. See the full terms and conditions for their 2022 matching grant here. Note that ScholarShare also offered a similar matching grant with similar criteria in 2021.  

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. 

K2C is managed by the City and County of San Francisco. We have multilingual support available and are available Monday to Friday 8 am to 5pm.

To get your questions answered,