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.<\/p>\n
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.<\/p>\n
The Save for College Program, launched by nonprofit NYC Kids RISE in 2017, helps families of elementary schoolers plan for their students’ further education.<\/p>\n
How to maximize free savings in your child’s NYC Scholarship Account<\/p>\n
Activate NYC Scholarship account, NYC Kids RISE will deposit $25 into your child’s NYC Scholarship Account once you do<\/p>\n
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<\/p>\n
Deposit at least $5 in your connected savings account and NYC Kids RISE will deposit an additional $25 into your child’s account<\/p>\n
NYC Kids RISE manages the accounts, which fall under the NY 529 direct plan \u2014 a tax-advantaged investment account<\/a> designed specifically for college and career training savings.<\/p>\n All K-5 students are automatically enrolled in the program. Families can choose to opt out.<\/p>\n NYC Kids RISE will match every dollar a family deposits into the NYC Scholarship Account up to $100.<\/p>\n After opening an NYC Scholarship Account, families can also link a personal investment account to increate contributions to their pool of savings.<\/p>\n