Select Region
Let's Get Social!
Enter the First Day of School photo contest to win LEGOLAND NY Resort tickets!

Parents of New York City Kindergarten Students Will Receive Money to Save for College

Parents of New York City Kindergarten Students Will Receive Money to Save for College


Though college may seem years away for kindergarteners, it takes years for some families to save up enough money for college tuition. This will now be easier and possible for low-income families in New York City, thanks to this new savings program passed by Mayor Bill de Blasio’s administration on Nov. 29.

The New York City Child Savings Account (CSA) program will donate $100 to college funds for low-income families with kindergarten students, and will increase this to $200 over time if parents contribute money to this fund, according to New York Daily News. This program is made possible thanks to a $10 million donation from Blackstone Group investor Jon Gray.

“We believe that all children should have an opportunity to reach their highest potential,” Gray told The Daily News. “By making college scholarship investments early in life, the New York City CSA initiative is sending the message to New York City public school students, their parents, their teachers and their communities that they can pursue higher education and will be supported in realizing that goal.”

RELATED: Investing in Your Child's Future



The first program is slated to begin in fall 2017 in one of New York City’s 32 community school districts, and is expected to open accounts for 3,500 families each year until 2019. All kindergarten students in this district will be automatically enrolled over a three-year period, and the goal is to eventually expand this program to other school districts.

This savings program is part of efforts to make college affordable and accessible for low-income students. Last year, de Blasio introduced a $15 million plan to have personal guidance counselors available for at-risk students to meet with. In September, he waived the $65 application fee to City University of New York (CUNY) colleges for low-income public school students.


RELATED:

Public Schools In Your Neighborhood

Financial Resources Near You



Want more content like this?


More Finance, Insurance, & Legal Articles:

Professional Lice Removal Services in Brooklyn, Manhattan, & Queens

Don't forget to get your child checked for head lice before the upcoming school year. Find a lice removal specialist in the New York area using our gu...


Latest News:

Professional Services for Kids and Families in Westchester County

Use our guide to find the best professional services in Westchester County. From tutors to lawyers, search our online directory.


Family Activities:

Study and Go Abroad Fair

Study and Go Abroad Sep. 23, 2021

The free Study and Go Abroad Virtual Fair offers students a unique opportunity to meet with unive...



Have a Laugh:

Best Memes of the Week for Parents

Here are the funniest parenting memes from Instagram, Facebook, and Reddit this week.
Samantha Neudorf

Author: Samantha Neudorf is a former editor at NYMetroParents. See More

Featured Listings:

Otto Specht School

Otto Specht School

Chestnut Ridge , NY At the Otto Specht School, we work to discover each child's path to lifelong learning, offering a variety of educational programs designed to meet the...

Long Island Voyager's Day Camp

Long Island Voyager's Day Camp

At L.I. Voyager’s Day Camp we offer a program that is both enriching and fun, an excellent opportunity for children to broaden their horizons, develop...

Dave's Cast Of Characters

Dave's Cast Of Characters

Make your party a special one! Dave's entertainment services include over 100 costumed characters: princesses and superheroes and pirates to tea parti...