New York City Mayor Eric Adams announced the investments into the futures of the city’s youth by giving 97% of NYC kindergartners access to a New York City Scholarship account to begin planning for college and career training.
This year, a total of $6.5 million has been invested in 65,300 NYC Scholarship accounts for students participating in the NYC Kids RISE Save for College program, which helps families, communities and schools invest in their children’s future – regardless of 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 Mayor Adams on May 4. “The Save for College Program can reduce the amount that students and families have to borrow in student loans, combating 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.”
Beginning this school year and every year going forward, kindergarten students enrolled in a NYC public school will automatically receive a scholarship account with an initial $100 from NYC Kids RISE, unless families choose not to participate.
Through this program, families can receive up to $200 in additional rewards towards their child’s scholarship by taking steps such as opening and connecting separate college and career savings accounts for their children and beginning to save in ways that work for them. By combining seed scholarships, family savings, community investments and funding streams from every level, the Save for College Program aims to build significant assets for public school students and communities.
“Economic development means investing in the people and places that help build a stronger, more inclusive and equitable future for all New Yorkers. NYC Kids RISE and the Save for College Program goes above and beyond by bringing businesses, community leaders and organizations as well as schools and parents together to further invest in our children from their earliest days in school,” said Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “I’m thrilled that families citywide can activate and see the early investment in their children’s NYC Scholarship Accounts for the first time, and I look forward to working with the many partners that have and will leverage this platform to help close the wealth and opportunity gaps in our great city.”
The Save for College program also equips families with financial education lessons through their child’s school where families can participate in financial empowerment and college and career workshops to help their children secure the future they desire.
“Today is a historic day — we are taking a giant step towards making college and careers more accessible to our students,” said New York City Department of Education Chancellor David C. Banks. “The money being deposited in accounts today plant the seeds that will instill a sense of financial literacy and open doors for our young people for decades to come.”
Interested families can now activate their child’s account here.