Foundation jump-starts college savings for NYC kids

"I will go to college" is the culture at P.S. 171. It is reflected in artwork from Kindergartners.

Thanks to a $10 million donation from the Gray Foundation, created by New York City residents Mindy and Jon Gray, these children are on their way to fulfilling their college dreams.

The Gray Foundation is funding the city's first program to establish college savings accounts for schoolchildren.

About 3,500 children in School District 30 in Queens are the first recipients. That includes 34 elementary schools. They will each receive as much as $300, which can grow to $500, by the time they graduate high school. A nonprofit group will manage the accounts.

This is a three-year pilot program, but the city is hoping to make it permanent and expand it citywide.