With the start of the school year in NYC, a new program is in place to help students and future generations of college-bound individuals. Caregivers of New York City elementary public school students looking ahead for their children’s future can invest in their children’s futures right now, but this time with the financial help from the city itself.
The Save for College Program, launched by nonprofit NYC Kids RISE, helps families of elementary schoolers plan for their students’ further education.
Starting in January of their kindergarten year, all NYC public school students and certain selected charter school students will gain immediate access to an NYC Scholarship Account from the state. This account starts with a base amount of $1000 already in it to begin saving for higher education for these students.
NYC Kids RISE manages the accounts, which fall under the NY 529 direct plan started back in 2017 by NYC Kids RISE. Once a student is enrolled in the Save for College Program, NYC Kids RISE will create an NYC Scholarship Account with an initial investment on your child’s behalf. There are opportunities for families to get more money for their student’s NYC Scholarship Account over time.
Best part: Parents/guardians do not have to do anything for their student to receive an NYC Scholarship Account. Eligible students are automatically enrolled in the Program, as all K-5 students are automatically enrolled in the program. These students automatically receive a free NYC Scholarship Account unless their parent/guardian chooses not to participate by opting out.
The only information required and provided by NYC Public Schools is a student identification number unique to the program; full name, birthdate, home address (including changes of the home address), home phone number, school name, current grade level, language(s) spoken at home, and transfers made to other schools, if any, both inside and outside the NYC public school system.
For parents: parent or guardian identification numbers unique to the program, full name, email address, cell and/or other phone number.
