With the start of the school year, caregivers of New York City elementary public school students looking ahead can invest in their children’s futures with help from the city itself.
Starting in January of their kindergarten year, all public school students (and select charter school students) gain access to a NYC Scholarship Account to begin saving for higher education.
The Save for College Program, launched by nonprofit NYC Kids RISE in 2017, helps families of elementary schoolers plan for their students’ further education.
How to maximize free savings in your child’s NYC Scholarship Account
Activate NYC Scholarship account, NYC Kids RISE will deposit $25 into your child’s NYC Scholarship Account once you do
Open a separate college and career savings account and connect it to NYC Scholarship Account, NYC Kids RISE will deposit another $25 once you do
Deposit at least $5 in your connected savings account and NYC Kids RISE will deposit an additional $25 into your child’s account
NYC Kids RISE manages the accounts, which fall under the NY 529 direct plan — a tax-advantaged investment account designed specifically for college and career training savings.
All K-5 students are automatically enrolled in the program. Families can choose to opt out.
NYC Kids RISE will match every dollar a family deposits into the NYC Scholarship Account up to $100.
After opening an NYC Scholarship Account, families can also link a personal investment account to increate contributions to their pool of savings.
Visit nyckidsrise.org to learn more about the Save for College Program.