College funds for NYC’s kindergartners: How to get and give seed money for higher education

In January, all New York City’s public school kindergartners will receive a seed investment of $100 in their city-sponsored college savings accounts.

It’s the second year that 5-year-olds citywide will automatically get the NYC Scholarship Accounts — a giant experiment aiming to help thousands of families who historically have faced steep barriers to postsecondary education.

The push has some research to back it up: In addition to the tangible benefits the money itself brings, the act of opening a college account for a young person has intangible benefits of motivating kids to focus on educational achievement and getting to college.

“The research suggests: Just having a small-dollar account, you’re three times more likely to go to college and four times more likely to graduate,” said Debra-Ellen Glickstein, founding executive director of NYC Kids RISE, a nonprofit that manages the Save for College program in partnership with the city’s education department.

Read the full article here:
https://ny.chalkbeat.org/2022/12/22/23522970/nyc-scholarship-account-kindergarten-college-savings-account-kids-rise-529-plan
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