NEW YORK — On Thursday, city officials partnered with NYC Kids RISE, the New York City Department of Education and other partners to announce the expansion of the programa Save for Collegewhich expanded to include 70,000 new students from across the city.
Every participating student now has a free account, funded with an initial investment of $100, to build financial assets for higher education and dream big for the future. Families can activate and view their new accounts for their New York City scholarship online.
The new class of kindergarten and first grade students nearly doubles the total number of families participating in the college scholarship and savings program in all of New York City, to a total of approximately 145,000.
“The best investment we can make as a city is in our children’s education,” said New York City Mayor Eric Adams. “The future of our city depends on what we are doing today to make sure our children are best positioned to succeed. With the Save for College program nearly doubling the participation of more than 70,000 new students, I am confident that we are not only on the right track, but that we are leading the way to ensure a bright future for our children. ”
Since the Save for College program launched in 2017, more than $18.5 million has collectively been allocated to the New York City scholarship accounts of participating students.
This January, across all five boroughs, elementary schools will celebrate New York City Scholarship Month, the first opportunity for newly enrolling families to activate and view their new New York City Scholarship Accounts. children.
As part of these celebrations, school communities across the city are hosting events and activities to help families complete this critical first step through in-person workshops and one-on-one outreach, and by decorating and displaying the Money poster. Tree from your school to show how the balance of participating students’ NYC scholarship accounts grows over time.
“New York City Scholarship Month is a great opportunity for families to learn and take advantage of creating a New York City Scholarship Account for their children,” said Schools Chancellor David C. Banks. “I am very proud that New York City Public Schools and our partners have been able to double the number of students receiving scholarship accounts this school year. With the support of leading partners like NYC Kids RISE, the New York City Mayor’s Office of Equity, and others, we can and will prepare all of our students for whatever path they choose in college and career. To all kindergarten and first grade families: I urge you to activate your child’s NYC scholarship account today and start saving for higher education.”
The Save for College program is a tool for elementary schools to advance their goals of college and career readiness, family empowerment, and strong family-community ties.
The program is a public-private-community partnership designed to make college and career training more accessible and attainable for public school students, regardless of income or immigration status.
Research suggests that kids with a college savings account of just $1 to $500 are three times more likely to go to college and more than four times more likely to graduate. This means an investment in the financial and social resilience of families and neighborhoods, and provides a new way to drive financial assets to communities that have been systematically excluded from wealth creation opportunities.
“Beginning to make plans for our three children very early has been very important to my husband and me,” said Ana Garcia, a parent of a kindergartener in Jackson Heights, Queens. “The Save for College program is a great tool for our family to plan ahead because the money can really add up if you start now and before your kids are ready for college.”
Through a diverse network of partners, the universal community-driven wealth creation platform seeks to ensure that every New York City public school kindergarten student graduates from high school with a financial asset to college and career training, and ensuring that students, families, schools, and communities have higher college and career expectations for every child.
“While the cost of living rises for working families, higher education costs are skyrocketing. As we continue the work to try to increase affordability, opportunities like the Save for College program are vital to help increase affordability,” said New York City Public Defender Jumaane Williams. “This expansion is crucial, and I encourage New Yorkers to take advantage of this moment to invest in the future success of their children.”
