NYC Kids RISE
Save for College Program
It can be tough to save for college. For many parents, sending their children to college may seem out of reach.
Research shows that children who attend college earn a significantly higher salary over their lifetimes.1 Research also shows 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 more likely to graduate.2
NYC Kids RISE, in partnership with the City of New York and the Department of Education, started the NYC Kids RISE Save for College Program to empower families to begin saving and planning for college from their child’s very first days of school.
The NYC Kids RISE Save for College Program provides families, schools, and communities with a way to work together to save for their children’s futures. It’s a scholarship and savings program designed to make college more accessible and achievable for all NYC public school students, starting with all kindergartners, first-, and second-graders in School District 30 in Queens—regardless of their family’s income or immigration status.
By providing upfront scholarships for every eligible student and the tools and information for families to develop their own college savings plans, the Save for College Program empowers families to build a foundation for their child’s future. The Save for College Program will also engage the entire community to help our children realize their college dreams.
The Save for College Program has five elements
that work together to make college more accessible
and achievable for all participants.
Getting StartedThere are three simple steps to start participating
in the Save for College Program:
Who is eligible to participate in the Save for College Program?
In this initial phase, all kindergarten, first-, and second-grade students attending a District 30 public school in Queens can participate. Every eligible student attending a District 30 public school from the beginning to the end of one of the Save for College Program’s “opt-out waves” will be automatically enrolled in the program, unless their family chooses not to participate. After the three-year pilot in District 30, the Save for College Program hopes to expand to all NYC public schools.
Why was District 30 chosen as the first participating school district?
School District 30 was selected as the first participating school district for the Save for College Program because its population reflects New York City’s public school population as a whole. The District also has strong school- and community-based partners to support and spread the word about the new Save for College Program.
Where can I find more information about the Save for College Program?
Additional information and resources about the Save for College Program are available on the pages for Parents/Guardians, School Partners, and Community Members. For further information, please contact NYC Kids RISE.
The NYC Kids RISE Save for College Program is a scholarship and savings program administered by NYC Kids RISE, Inc., a nonprofit, in partnership with the NYC Department of Education and the City of New York. NYC Kids RISE is neither affiliated with, nor an authorized distributor of, New York’s 529 College Savings Program and does not solicit investments or provide investment advice.
1. College-educated employees have a median salary that is 84% higher than employees without a college degree and are about half as likely to be unemployed. See Bureau of Labor Statistics, “Employment Status of the Civilian Population 25 Years and Over by Educational Attainment” (June 2013 – 2014), available at the BLS website. ↩
2. See, for example, Elliott, William, Hyun-a Song, and Ilsung Nam. “Small-Dollar Children’s Savings Accounts and Children’s College Outcomes by Income Level.” Children and Youth Services Review 35, no. 3 (March 2013): 560–71. doi:10.1016/j.childyouth.2012.12.003.↩