Saving for college just got a little easier this year for thousands of City families.
Studies show that children with even a small savings account of $1 to $500 are three times more likely to enroll in college, and more than four times likely to graduate.
This fall, every kindergartener attending an NYC public school this year (2021–22) will be automatically enrolled into the NYC Kids RISE Save for College Program, a scholarship and savings arrangement designed to make college and career training more accessible for the City’s public school students.
All families with kindergarten students in City public schools (including participating charter schools) are eligible to participate in the Save for College Program and receive an NYC Scholarship Account on their kindergarteners’ behalf—regardless of income level or immigration status. Each scholarship account will come with a $100 initial deposit and up to $200 in early rewards. These funds are invested in an NY 529 Direct Plan, which is a type of tax-advantaged account that has been specifically designed to help people save for higher education.
Once your child’s NYC Scholarship Account is activated, you and your family can open and connect your own college savings account and start saving money for your child’s future in ways and amounts that make sense for your family’s financial circumstances.
Learn More at Our Virtual Information Sessions
Throughout October and early November, the DOE and NYC Kids RISE will host virtual information sessions where you can learn how the Save for College Program works, understand the benefits for your child, and determine how your family can participate in the program.
You can register for any of the sessions listed below on the NYC Kids RISE Events page.
Wednesday, October 6
6:00—7:30 p.m.
Languages: English, with live Arabic and Mandarin interpretation
Friday, October 8
10:00—11:30 a.m.
Language: Spanish
Tuesday, October 12
6:00—7:30 p.m.
Languages: English, with live Arabic and Mandarin interpretation
Wednesday, October 13
6:00—7:30 p.m.
Language: Spanish
Tuesday, October 19
10:00—11:30 a.m.
Languages: English, with live Arabic and Mandarin interpretation
Wednesday, October 20
10:00—11:30 a.m.
Language: Spanish
Monday, October 25
10:00—11:30 a.m.
Languages: English, with live Arabic and Mandarin interpretation
Wednesday, October 27
6:00—7:00 p.m.
Language: Bangla
Wednesday, November 3
10:00—11:30 a.m.
Languages: English, with live Arabic and Mandarin interpretation
Monday, November 8
6:00—7:30 p.m.
Language: Spanish
Can’t make these sessions? An informational webinar captions in 10 languages will also be available at Parent University.
We are incredibly thrilled to be able to announce the expansion of the Save for College Program, which began as a pilot program in District 30 in 2017. Now, tens of thousands of kindergarteners citywide will have access to an outstanding investment tool that will help power their future dreams.
On behalf of the NYC Department of Education, we thank our colleagues at NYC Kids RISE for their continued partnership.
Banner photo by Pictures of Money. Used under Creative Commons license. Original can be found on Flickr.
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