Cash for College! Students at P.S. 85 receive 1st deposit to NYC scholarship accounts
There was a lot to celebrate at P.S. 85 The School of Great Expectations in Fordham Heights on Thursday.
More than 200,000 students, including kindergarteners at P.S. 85, received their first deposit to their NYC Scholarship Account.
It's all thanks to the NYC Kids Rise Save For College Program. It was designed to provide all students, regardless of their background, an opportunity to advance to higher education.
"The save for college program is all about communities coming together to invest in our children, no one should be on their own trying to figure out the future," said Debra-Ellen Glickstein, the NYC Kids Rise founding executive director.
The program was launched city-wide three years ago. Once students begin kindergarten an account is automatically created for them invested in a NY 529 Direct Plan. The initial deposit is made by the city. Once the account is activated, another $25 is deposited. Once steps in the program are completed, families can receive an additional $175 in rewards.
“I encourage all families in the Program to activate your child’s NYC Scholarship Account today as we begin saving for their higher education, together. We are working with our communities to build on the city’s $100 seed investment in students’ accounts and ensuring that higher education and career training is in reach for our children," said Schools Chancellor David Banks.
Schools across the city are using NYC Scholarship month to hold in-person workshops and activities for parents to learn about the program and get their children's accounts up and running.
“It helps us to not have to think about omg when she gets 18 years old what am I going to do who is going to help me with scholarships, we start now, " said Charlene Espino, whose daughter is in kindergarten.
Families must activate their child's account in order to receive incentives and contribute. To learn more, click here.