The NYC Kids RISE Save for College Program is a universal, community-driven wealth-building platform that expands access to mainstream financial products, puts real financial assets in the hands of families and communities, provides financial education for families and students, and brings schools and neighborhoods together to support all of their children’s futures. NYC Kids RISE is about to start its fifth year of operations in the geographic area of School District 30 in Queens - one of the most diverse school districts in the country - more than 13,000 students (~95% of all First, Second, Third and Fourth Graders) have a NYC Scholarship Account with more than $6M accumulated to date. Based on the success of the pilot, the City recently announced that the Program will be expanding citywide in the Fall 2021.
Through the Program, every student enrolled in a participating NYC public (district or charter) elementary school, starting in kindergarten, automatically receives an NYC Scholarship Account invested in the NY 529 Direct Plan plan with a $100 seed deposit and up to $200 in early rewards. Their families can open and connect their own college savings account (separate from the scholarship account) and start saving their own money in the ways and amounts that make sense for them, building financial capability and stability. At the same time, communities can contribute to groups of these NYC Scholarship Accounts as both a targeted and universal platform for community-driven asset-building in every neighborhood. By combining seed scholarships, family savings, community investments, and funding streams from every level, the platform can build meaningful assets for public school students. These accounts, and the accompanying program supports, enable families, schools, local organizations, businesses, anchor institutions, financial institutions, philanthropy, and the public sector to work together to build assets in students’ accounts and strengthen social capital by supporting expectations of success across the neighborhood.
Read more about NYC Kids RISE and the Save for College Program and listen to stories from partners who helped build the platform during the pilot phase. Also check out recent articles in Fast Company, the Wall Street Journal and the NYCHA Journal. Read more about NYC Kids RISE theory of change here in a recent report by the Urban Institute.
NYC Kids Rise is an Equal Opportunity Employer. We do not discriminate in employment on the basis of basis of gender, religion, race, creed, color, national origin, citizenship status, age, disability, marital status, caregiver status, sexual orientation, gender identity or expression, military status, unemployed status, or any other characteristic protected by law.
The NYC Kids RISE Save for College Program is a universal, community-driven wealth-building platform that expands access to mainstream financial products, puts real financial assets in the hands of families and communities, provides…
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