NYC Kids RISE, a non-profit organization that manages the Save for College Program in partnership with the city Department of Education, recently announced that more than $42 million has been invested into NYC Scholarship Accounts. (Staten Island Advance/Annalise Knudson)
More than 282,000 public school students in New York City now have scholarship accounts to help support their future college and career training.
NYC Kids RISE, a non-profit organization that manages the Save for College Program in partnership with the city Department of Education, announced that more than $42 million has been invested into NYC Scholarship Accounts.
Debra-Ellen Glickstein, founding executive director of NYC Kids RISE, and city Schools Chancellor Melissa Aviles-Ramos, in partnership with the NYC Mayor’s Office of Equity & Racial Justice and the Gray Foundation, announced that the total number of students with a scholarship account has reached over 282,000 — including more than 82,000 students who received an account this year.
“During this year’s NYC Scholarship Month, we’re marking another major milestone with more than 282,000 students now enrolled in the Save for College Program,” said Glickstein. “That means this important wealth-building tool is now in the hands of more than a quarter-million students, unlocking pathways to support our kids’ college and career dreams. Together, we’re affirming a future where every child knows early on that their community believes in their potential.”
Starting in the 2021-2022 school year — and every year since — students in eligible grades enrolled in an NYC public elementary school (including participating charter schools) automatically receive an NYC Scholarship Account invested in a 529 account. The account comes with an initial $100 and opportunities to earn more through early rewards, unless their family chooses not to participate.
According to the organization, every kindergarten, first-, second- and third-grade student enrolled in city public schools is eligible to participate, no matter their family income or immigration status.
Families have opportunities to receive additional rewards and Community Scholarships for their child’s account over time. Building on this financial asset for higher education encourages students to dream big about the future, according to NYC Kids RISE.
“This NYC Scholarship Month, we are thrilled to share that over a quarter-million students already have NYC Scholarship Accounts, with a cumulative $42M+ in savings. Every student deserves to pursue a bold future, one full of possibilities and opportunities, and this program is an important step toward that goal,” said Aviles-Ramos. “I encourage families to activate their children’s NYC Scholarship Accounts today; it’s never too early to start planning for their futures. Through the Save for College Program, we are working together — with our families, communities, the City of New York, and our partners at NYC Kids RISE — to invest in our young people and make sure all our students have financial assets to help them reach their full potential.”
Eligible families can now activate and view their children’s NYC Scholarship Accounts at nyckidsrise.org/activate.
Throughout January, elementary schools have been celebrating NYC Scholarship Month, which is the first opportunity that new families in the program have to activate and view their children’s NYC Scholarship Account. As part of these celebrations, school communities across the city are hosting events and activities to support families in completing this first step through in-person workshops, one-to-one outreach, multimedia campaigns and more.
If your child is eligible, they will be automatically enrolled in the Save for College Program and receive a free NYC Scholarship Account. As long as you take no action during the opt-out process, your child will be automatically enrolled.
If you decide you do not want to participate, you can contact your child’s school for instructions on how to opt out of the program or cancel participation at any time.
The opt-out process takes place on a rolling basis beginning in the fall.
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