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Using Your Tax Refund to Save for College

Dear Save for College Program Family,

Through a partnership with your child’s school, your child is one of over 13,000 children across Western Queens who is enrolled in the Save for College Program. That’s almost every K-3 student in School District 30 who has an NYC Scholarship Account with an initial deposit of $100. We are saving for college together!

Your Save for College Program Journey

 
You have opened and connected your own college savings account. Congratulations! Your family now has a dedicated savings account to save for your children’s college and career training. Keep reading for tips on how to increase your college savings.

Using your tax refund to save for higher education

 
Expecting a tax refund this year? Consider putting some of it aside for your child’s college and career training future! When you prepare your taxes, you can split part of your refund into your NY 529 Direct Plan account or Amalgamated Save for College Bank Account – all you need is your account number and routing number.

Free tax preparation help is available in NYC

 
If you earned $68,000 or less last tax year, you can get help to file your taxes for free. Call 311 and ask for Tax Preparation Assistance or click here to access services. There are Free Tax Prep (VITA) Sites located around Community School District 30, including at Save for College Program Partner Urban Upbound in Long Island City / Astoria, and virtual options as well. At your appointment make sure and ask your tax preparer to help you split your refund to your college savings account!

Splitting your tax refund can also help you complete Building Block #3

 
When you make your first deposit of $5 or more to your connected college savings account, NYC Kids RISE will deposit an additional scholarship reward of $25 in your child’s NYC Scholarship Account. Splitting your refund is a great way to earn the Building Block #3 reward!

NYC Kids RISE has already deposited thousands of dollars in additional scholarship rewards to the NYC Scholarship Accounts of families who completed Building Block #3. Join them and earn your own reward of $25 by making your first deposit today.

Questions or Concerns

 
Not sure how much or how often to save?
A Financial Empowerment Center is a free resource where every New Yorker can go for objective confidential financial help. They have trained financial counselors who can answer more detailed questions about your financial situation. They can help you to make a budget, pay down your debt, see your credit report, and they even can serve as a resource for financial aid and student loans. They will help you determine how much you can save and when to save for your child’s educational future, based on your overall financial situation.

To make an appointment for this free resource, click here.

Other questions about the Save for College Program?

  • Call the NYC Kids RISE hotline at (833) 543-7473 or email us at info@nyckidsrise.org.
  • Make an appointment with the NYC Kids RISE team for 1:1 support:

 

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. The City of New York and the NYC Department of Education offer no endorsement or recommendation about, and do not control own or are affiliated with the program manager for New York’s 529 College Savings Program and any particular college savings or other investment vehicle, including ones which families may learn about through the Save for College Program.

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