New York City’s newly approved budget makes a significant investment in students by expanding the NYC Kids RISE Save for College Program, giving every public school kindergartner a $1,000 college and career savings account.
The $53 million initiative boosts the city’s contribution from a $100 seed deposit to $1,000, making it the largest universal college savings program of its kind in the country.Â
City officials say the expanded investment is intended to help families build long-term financial security while encouraging children to plan for college, trade school, or other career training after high school.
Eligible kindergartners enrolled in New York City public schools, as well as participating charter schools, will automatically receive an account unless their families choose to opt out.Â
The accounts are managed by the nonprofit NYC Kids RISE and invested in a 529 college savings plan, allowing the funds to be used for qualified education and career training expenses.
Supporters say studies have shown that children with college savings accounts are more likely to enroll in and graduate from college. They believe the expanded program will help create more educational opportunities, support long-term financial stability, and give thousands of New York City families a stronger foundation as they prepare for their children’s future.
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