Over 282K students now have an NYC Scholarship Account: What you need to know

Today, more than 282,000 New York City public school kids have scholarship accounts to assist fund their future training for college and careers.

NYC Scholarship Accounts have received almost $42 million, according to NYC Kids RISE, a non-profit that oversees the Save for College Program in collaboration with the city Department of Education.

In collaboration with the NYC Mayor’s Office of Equity & Racial Justice and the Gray Foundation, city Schools Chancellor Melissa Aviles-Ramos and Debra-Ellen Glickstein, founding executive director of NYC Kids RISE, announced that there are now over 282,000 students with scholarship accounts overall, including over 82,000 students who were granted accounts this year.

“With over 282,000 students now enrolled in the Save for College Program, we’re marking another significant milestone during this year’s NYC Scholarship Month,” Glickstein said. This means that almost a quarter of a million students now have access to this crucial wealth-building tool, opening doors to help our children pursue their college and professional goals. We are collectively reaffirming a future in which every child is aware from an early age that their community has faith in their abilities.

Ineligible pupils enrolling in NYC public elementary schools (including participating charter schools) will automatically receive a NYC Scholarship Account invested in a 529 account beginning in the 2021–2022 school year and continuing annually after that. Unless their family decides not to participate, the account comes with an initial $100 and chances to earn more through early prizes.

The group claims that all kindergarten, first, second, and third graders attending city public schools are welcome to take part, regardless of their immigrant status or family’s financial situation.

Over time, families can get more incentives and Community Scholarships for their child’s account. According to NYC Kids RISE, expanding this financial resource for higher education inspires pupils to have large aspirations for the future.

We are excited to announce that more than a quarter of a million students currently have NYC Scholarship Accounts, with a total savings of more than $42 million, during NYC Scholarship Month. According to Aviles-Ramos, this initiative is a significant step toward ensuring that every student has the opportunity to pursue a bright future that is full of opportunities and possibilities. It’s never too early to begin making plans for the future, so I urge families to activate their kids’ NYC Scholarship Accounts now. In order to invest in our youth and ensure that every student has the financial resources necessary to realize their full potential, we are collaborating with our families, communities, the City of New York, and our partners at NYC Kids RISE through the Save for College Program.

The NYC Scholarship Accounts for eligible families can now be viewed and activated at nyckidsrise.org/activate.

The first chance for new families to activate and check their children’s NYC Scholarship Account is during NYC Scholarship Month, which primary schools have been celebrating throughout January. Through in-person workshops, one-on-one outreach, multimedia campaigns, and other initiatives, school communities throughout the city are organizing events and activities to assist families in finishing this initial stage as part of these celebrations.

Your child will be given a free NYC Scholarship Account and be automatically enrolled in the Save for College Program if they qualify. Your child will be registered automatically if you do nothing during the opt-out procedure.

You can get information from your child’s school on how to withdraw from the program or end your involvement at any moment if you decide you don’t want to.

Starting in the fall, the opt-out procedure is conducted on a rolling basis.

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