Adams announces 97% of kindergartners now have an NYC scholarship account for college and career training - New York Amsterdam News

Families can now activate their kindergarteners’ NYC Scholarship Accounts from the Save for College Program. This year, a total of $6.5 million has been invested in the 65,300 NYC Scholarship Accounts for students participating in the NYC Kids RISE Save for College Program, which provides families, schools, and communities with a way to work together to invest in children’s futures — regardless of their family’s income or immigration status.

“We need tangible and practical solutions to reduce the racial wealth gap, even more now as we emerge from the pandemic,” said Adams. “The Save for College Program can reduce the amount that students and families have to borrow in student loans, combatting the student debt crisis that has disproportionately impacted students of color. I am proud to announce the activation of thousands of scholarship accounts, bringing New York City students one step closer to financial assets.

“In New York City, we know that when we come together, we can do big things,” said Deputy Mayor for Strategic Initiatives Sheena Wright. “That nearly every kindergartener in public school in New York City now has a financial resource for their college and career training is a testament to our collective power and a moment to celebrate. We could not have reached this milestone without the support of so many partners across so many organizations, sectors and communities.

Starting this school year, and every year going forward, kindergarten students enrolled in a New York City public school — including participating charter schools — automatically receive a scholarship account invested in a NY 529, with an initial $100 from NYC Kids RISE, unless their families choose not to participate.

Through the program, families can receive up to $200 in additional rewards for their child’s scholarship account by taking foundational steps — such as opening and connecting a separate college and career savings account that they own for their child — and starting to save in the ways and amounts that make sense for them.

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