News + Updates from NYC Kids RISE

News + Updates from NYC Kids RISE

Press Release

September 2017: DiNapoli & NYC Make it Easier to Save for College: New York’s 529 College Savings Accounts Accessible to All, With No Minimum Contribution

“New York’s 529 College Savings Program’s Direct Plan has eliminated the $25 minimum contribution required to open an account in an effort to make the important college savings accounts available to everyone, New York State Comptroller Thomas P. DiNapoli and New York City officials announced today.

 

“‘We’re making it easier for all New Yorkers, regardless of income level, to invest in their loved one’s future,’ DiNapoli said. ‘With education costs rising, it’s important that we make sure everyone has the opportunity to attend college. We’re grateful to New York City and to NYC Kids RISE for their efforts to increase college attendance among financially disadvantaged and culturally diverse families.’

 

“The request to eliminate the minimum contribution was first brought to the Office of the State Comptroller by the Mayor’s Office and NYC Kids RISE. …”

Press Release

January 2017: Mayor de Blasio, Commissioner Menin and NYC Kids RISE Announce Queens Public School District to Pilot the First NYC Child Savings Account Program, Helping Thousands of Students Save for College

“All of NYC’s kids deserve the chance to attend college and pursue their dreams, regardless of their family’s economic status. Today we’re announcing a savings account for thousands of children in Queens, which we know will dramatically increase their likelihood of getting a college degree. As a public school parent, I extend my deepest thanks to the Gray Foundation, Commissioner Menin and others who have worked so hard to make child savings accounts a reality for these families. We hope to see this program continue to grow so families across the five boroughs can start saving early for their children’s future.” – Mayor Bill de Blasio

Commissioner Julie Menin, chair of the newly formed charitable nonprofit organization NYC Kids RISE and Schools Chancellor Carmen Fariña today announced at P.S. 171 that School District 30 in Queens – encompassing Astoria, Ditmars, East Elmhurst, Hunter’s Point, Jackson Heights, Long Island City, Sunnyside and Woodside – will launch NYC’s Child Savings Account initiative in the fall, helping thousands of New York City public school children save for college.
Credit: Antoine Braxton/NYC Kids RISE

“By investing in the future of our children, we will dramatically increase the chance that they will not only enroll in college, but graduate. Starting the NYC CSA in District 30, which represents New York’s great diversity, should ensure the success and longevity of the program and lay the foundation to expand citywide. Through this program, the students of District 30 will see first-hand the benefits of long term savings, and, in turn, we hope to help families take control of their own financial futures.” – Commissioner Julie Menin, Chairperson of the Board of NYC Kids RISE

“One of the most important things we can do to help more young people get on the path to college graduation – and after that, into successful careers – is helping them and their families understand that college is possible and build a financial plan to get there. Research has shown that even a modest college savings account can have a massive impact on college matriculation and persistence. As the first to benefit from the CSA program, District 30 families will play a critical role in developing this program for families across the city.” – Richard Buery, Deputy Mayor for Strategic Policy Initiatives

“This pilot is a critical step forward as we strengthen students’ paths to college and careers, and I look forward to working with NYC Kids RISE and District 30 leaders to make a difference for this community’s students and families. I thank the Gray Foundation and Commissioner Menin for their partnership and commitment in making this pilot a reality, and supporting equity and excellence for our students.” – Schools Chancellor Carmen Fariña

“New York’s 529 College Savings Program builds the foundation needed to help fund the cost of higher education,” said . “As the cost of obtaining a college education continues to rise, saving now is important to offset future expenses. I can think of no better investment than an education.” – State Comptroller Thomas P. DiNapoli

“Mindy and I believe that all children should have the opportunity to reach their highest potential. We are excited to partner with the City of New York to pilot this impactful program in District 30 in Queens. NYC Kids RISE will help public school students plan and save for higher education at an early age, improve financial literacy, and expand the benefits from long-term investing to all families.” – Jon Gray, co-Founder of the Gray Foundation

Children playing in a classroom
Credit: Antoine Braxton/NYC Kids RISE

Press Release

November 2016: Mayor de Blasio, Commissioner Menin and Newly Created Nonprofit “NYC Kids RISE” Announce Child Savings Account Program to Help Public School Students Save for College

Press Highlights

NEW YORK TIMES: New York Seeks to Jump-Start College Savings by Giving Cash to Kindergartners’ Parents

CBS NEW YORK: De Blasio Rolls Out Child Savings Accounts Program To Help Public School Students Save For College

WALL STREET JOURNAL: Some Queens Kindergarteners to Get Cash for College

DNA INFO: City to Open Savings Accounts for 3,500 Queens Kids Via Pilot Program

NEW YORK POST: De Blasio Announces Plan to Set up College Accounts for Students

NY1 ONLINE: New Initiative to Give Kindergarten Students in Queens a Head Start in Saving for College

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