New York City has approved a major expansion of its college savings program, giving every public school kindergartner a $1,000 account to help pay for future education and career training.

 

New York City has approved a major expansion of its college savings program, giving every public school kindergartner a $1,000 account to help pay for future education and career training.

The initiative is part of the NYC Kids RISE program, which automatically enrolls eligible students unless their families choose to opt out. Unlike many financial assistance programs, participation is available regardless of household income or immigration status. The goal is to help children start building financial assets for their future from an early age.

The new investment represents a tenfold increase from the program's previous $100 starting amount. City officials say the expansion will make it the largest universal college savings program of its kind in the United States. The funding is intended to help students pursue a wide range of educational opportunities, including four-year colleges, community colleges, and trade or vocational schools.

Families can also contribute their own savings through connected education savings accounts. Through the program's savings match feature, NYC Kids RISE will match family contributions dollar for dollar up to $100.

Supporters believe the accounts can encourage long-term planning, increase access to higher education, and help more students imagine a future that includes college or career training long before they reach graduation day.