NEW YORK - January is the month for families of five-year-olds to activate their city-sponsored scholarship accounts. The Save for College Program pays for each student to start school with $100 in their account and the account grows over time.
The Save for College Program is now in its second year, across all five boroughs, and available at all New York City public and charter elementary schools. January is the month for parents to activate their child’s account.
Each kindergarten and first-grade student is given $100. The money is invested in the state’s 529 college savings account that accrues interest over time.
By the time the child graduates, all the money accumulated is theirs to use for college, textbooks, and dorms.
At PS212, what started as $100 per student, had already grown to nearly $100,000 collectively over the last six years. Community organizations in Queens have helped, as the program allows anyone to contribute to the scholarship — including civic groups, businesses, and churches.
About 97 percent of the city’s first-graders are participating. Program coordinators are available at each school to help parents navigate the program, including special assistance for immigrant and non-English speaking families.
For more information on how to activate your account visit NYCkidsrise.org/activate.