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What is the Save for College Program?

Welcome to the NYC Kids RISE Save for College Program!

We are so excited to be working with families, schools, and communities to save for students’  futures, together.

It can be tough to save for college and career training. For many families, saving and planning for higher education may seem out of reach.

Research 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. Research also shows that children who attend college earn a significantly higher salary over their lifetimes.

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 and career training more accessible and achievable for all NYC public school students, starting in kindergarten—regardless of their family’s income or immigration status.

By providing upfront scholarships for every eligible student, tools and information for families to develop their own college and career savings plans, and a way for entire communities to invest in their children, the Save for College Program enables all of us to work together to build assets and support expectations of educational and economic success for every child.

Good news! If your child is eligible, they will be automatically enrolled in the Save for College Program unless you choose not to participate and opt out. As long as you take NO ACTION during the Opt-out Process, your child will be automatically enrolled and receive a free NYC Scholarship Account. If you do not wish to participate, please visit the NYC Department of Education website for more instructions on how to opt out.

Program Elements

The Save for College Program allows families, schools, and communities to build a foundation together for their children’s futures by:

  • 1

    Providing an NYC Scholarship Account for every participating student

    Unless their parent or guardian chooses not to participate by opting out, every eligible* student enrolled in an NYC public school (including participating charter schools), automatically receives an NYC Scholarship Account with an initial allocation of $100 by NYC Kids RISE on their behalf, and opportunities to receive additional rewards over time. The scholarship funds are invested in the NY 529 Direct Plan, a type of tax-advantaged account specifically designed to help people save for higher education.

    *To learn if your child is eligible to participate in the Save for College Program, click here. 

  • 2

    Supporting families with tools and information to develop their own savings plan

    After activating their child’s NYC Scholarship Account, a family can open and connect a college and career savings account that they own for the benefit of their child. Then, families can start saving money in ways and amounts that make sense for their financial circumstances

  • 3

    Encouraging communities to work together to invest in their children’s NYC Scholarship Accounts

    Businesses, organizations, institutions, and others can contribute to groups of NYC Scholarship Accounts through Community Scholarships. These contributions increase the money in student accounts and demonstrate community-wide support for every child’s success.

  • 4

    REINFORCING EXPECTATIONS OF ATTENDING COLLEGE AND CAREER TRAINING

    Milestone events, activities, and campaigns in schools and across neighborhoods help students imagine what is possible for their futures.

  • 5

    Teaching financial education in the classroom

    Students receive age-appropriate financial education starting in kindergarten.

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.

 

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