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September 17, 2021

New York City is funding college plans for students in the hopes of closing the wealth gap

The initiative, led by non-profit NYC Kids Rise, began giving every kindergartner in the district $100 in a 529 college savings account in 2017. Starting this fall, every public school kindergarten student in New York City will get $100 in a 529 account. “For New York to come back stronger than before the pandemic, we must address the widening wealth gap that holds so many kids back from opportunities,” New York Mayor Bill de Blasio said at an event Thursday kicking off the expanded program. The city committed $15 million per year through 2025 to the initiative, in addition to $15 million in funding from the nonprofit Gray Foundation. On top of the the initial $100 deposit, students have the opportunity to earn an extra $200 in rewards.

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