Exclusive: More Than 250,000 NYC Students Have Access to Over $42 Million in College Scholarship Funds
NYC Celebrates Milestone in College Scholarship Program
New York City celebrated a milestone on Monday when more than 250,000 New York City elementary school students received NYC Scholarship Accounts through the NYC Kids RISE Save for College Program.
Program Details
The NYC Kids RISE Save for College Program is a community tool that allows New Yorkers to support the college and career dreams of their children, regardless of family income or immigration status. Every student enrolled in NYC public elementary schools (including participating charter schools), starting in kindergarten, automatically receives an NYC Scholarship Account invested in a NY 529 Direct Plan with an initial $100, unless they choose not to participate. Families can receive up to $175 in additional rewards for their child’s NYC Scholarship Account when they complete steps in the Program.
Program Expansion
The program was piloted in 2017 in Community School District 30 before it expanded to include all kindergarten students in participating public schools in the 2021-2022 school year. The program is a partnership between NYC Kids RISE, the NYC Department of Education, and the city of New York, with The Gray Foundation also providing funding support.
The Program Defeats Financial Barriers
According to a 2018 New York University Steinhardt study, between 2006 and 2017, the percentage of NYC students who earned a high school diploma in four years and enrolled immediately in college increased from 42 to 58 percent. While some students cite reasons for not attending college such as the yearning for a gap year or opting for trade school, many cite financial struggles.
Benefits of the Program
Research suggests that children with a college savings account of just $1 to $500 are three times more likely to go to college and more than four times more likely to graduate than a child without an account. This program aims to ensure that every NYC public school kindergarten student graduates high school with a financial asset for college and career training, and that students, families, schools, and communities have increased college-and career-going expectations for every child.
Conclusion
The NYC Kids RISE Save for College Program is a vital tool in defeating financial barriers and ensuring that every child has access to higher education. With over $42 million in college scholarship funds available, this program is a step towards a brighter future for New York City’s students.
Frequently Asked Questions
Q: What is the NYC Kids RISE Save for College Program?
A: The NYC Kids RISE Save for College Program is a community tool that allows New Yorkers to support the college and career dreams of their children, regardless of family income or immigration status.
Q: How does the program work?
A: Every student enrolled in NYC public elementary schools (including participating charter schools), starting in kindergarten, automatically receives an NYC Scholarship Account invested in a NY 529 Direct Plan with an initial $100, unless they choose not to participate. Families can receive up to $175 in additional rewards for their child’s NYC Scholarship Account when they complete steps in the Program.
Q: Is the program only for low-income families?
A: No, the program is open to all families, regardless of income or immigration status.
Q: How much money is available in the program?
A: Over $42 million in college scholarship funds are available through the program.
