Statement from NYC Kids RISE
April 2018: NYC Kids RISE Applauds New Improvements to NY’s 529 College Savings Program Direct Plan Application Process
Updates will ensure greater access to an important college savings option for New Yorkers of all backgrounds
April 5, 2018—On March 29, 2018, the Office of the New York State Comptroller released a new New York’s 529 College Savings Program Direct Plan online enrollment application to improve the user experience of the application process. NYC Kids RISE applauds the Office of the State Comptroller and Ascensus College Savings for their work to simplify the application process.
NYC Kids RISE is committed to working with the Office of the State Comptroller to ensure that 529 college savings plans are as accessible as possible for all New Yorkers. Simplifying the online application is a key step in a broader set of efforts to remove barriers to participation in college savings accounts. In September 2017, the Office of the State Comptroller eliminated the minimum initial contribution amount and minimum amount for subsequent deposits, removing a significant barrier to entry for many families.
The new application updates include simpler instructions and navigation, graphs that show investment growth over time and by age, and clearer explanations of the various investment options and risk levels. In response to the new application, NYC Kids RISE is issuing the following statement:
Debra-Ellen Glickstein, Executive Director, NYC Kids RISE
Julie Menin, Board Chair, NYC Kids RISE
“All children should have access to higher education, no matter their family’s income or background. 529 accounts are a key tool for families to save for their children’s futures, and enhancements like these make them more inclusive and accessible to NYC’s families. We applaud the Office of the State Comptroller in taking these key steps, and we look forward to working together on additional enhancements to ensure the plan is as equitable and inclusive as possible.
“NY’s 529 College Savings Program has been an important partner since the inception of the NYC Kids RISE Save for College Program, providing insights and expertise that contributed significantly to its development. NYC Kids RISE will continue to work with a range of stakeholders—families, schools, community organizations, and NY 529—to make college more accessible for all of NYC’s children. We look forward to continuing to work together to ensure that all New York City public school students have access to a 529 college savings account.”
About NYC Kids RISE
NYC Kids RISE is a nonprofit organization working to expand economic opportunity and equity by providing families, schools, and communities with a way to work together to save for their children’s education. Building on the dreams and expectations that families have for their children’s futures, NYC Kids RISE aims to make attending and graduating from college more achievable for all NYC public school students—regardless of where they come from or how much their families have in the bank.
NYC Kids RISE manages the Save for College Program in partnership with the NYC Department of Education and the City of New York.