Adams announces historic college and career scholarships for New York youth
New York City Mayor Eric Adams announced investments in the city’s youth future by giving 97% of New York City’s kindergarteners access to a New York City Scholarship Account. New York to begin planning college and vocational training.
This year, a total of $6.5 million was invested in 65,300 NYC scholarship accounts for students participating in the NYC Kids RISE Save for College program, which helps families, communities and schools invest in the future of their children, regardless of income or immigration status.
“We need tangible, practical solutions to close the racial wealth gap, even more now as we emerge from the pandemic,” Mayor Adams said May 4. “The Save for College program can reduce the amount students and families have to borrow in student loans, addressing the student debt crisis that has disproportionately affected students of color. I am proud to announce the activation of thousands of scholarship accounts, bringing New York students closer to financial assets.
Beginning this school year and every year in the future, kindergarten students enrolled in a New York City public school will automatically receive a scholarship account with an initial amount of $100 from NYC Kids RISE, unless families opt out. choose not to participate.
Through this program, families can receive up to $200 in additional rewards for their child’s scholarship by taking steps such as opening and connecting separate college and professional savings accounts for their children and starting to save in a way that suits them. By combining start-up scholarships, family savings, community investments, and sources of funding at all levels, the Save for College program aims to create meaningful assets for public school students and communities.
“Economic development means investing in the people and places that help build a stronger, more inclusive and equitable future for all New Yorkers. NYC Kids RISE and the Save for College program go above and beyond by bringing together businesses, community leaders and organizations along with schools and parents to invest more in our children from their first days in school,” said the Deputy Mayor for Labor and Economic Development. Maria TorresSpringer. “I am thrilled that families across the city can activate and see early investment in their children’s New York scholarship accounts for the first time, and I look forward to working with the many partners who have and will leverage this platform to help close the wealth and opportunity gaps in our great city.
The Save for College program also offers families financial education classes through their child’s school, where families can participate in financial empowerment and college and career education workshops to support their children. secure the future they desire.
“Today is a historic day – we are taking a giant step to make college and careers more accessible to our students,” said New York City Department of Education Chancellor David C. Banks. “Money deposited into accounts today sows the seeds that will instill a sense of financial literacy and open doors for our young people for decades to come.”
Interested families can now activate their child’s account here.