Starting Friday, the program, which was launched by former Mayor Bill de Blasio and continued under Mayor Adams, began allowing parents and others to place money in the accounts of more than 65,000 kindergarten students. “I knew nothing about a college savings account as a child,” Adams said Friday at P.S. 169 in the Bronx. “But now we are telling these young scholars that you are expected to go to college or a trade school, a vocational school — going into a place that you will continue to expand your learning. This is a great moment for our city.”

Mayor Eric Adams announced Friday that New York City and the NYC Kids RISE program will put $100 into the college savings account for every kindergartener attending a public city school. The contribution comes after the city announced every kindergartner and their families will receive access to a New York City Scholarship Account.

Mayor Eric Adams this week has been on a mission to help kids across the city learn to read and save for their futures. Adams gathered with parents and lawmakers at Baychester Academy in the Bronx Friday to promote the citywide expansion of the NYC Kids Rise Save for College program, which will give most of the city’s Kindergarten students access to a college savings account.  The event celebrated Baychester Academy parents opening their children’s savings accounts.

The city’s expansion of a scholarship program for kindergarteners will disperse $6.5 million to 65,300 kids this year.The Save for College Program will automatically give each kindergartener in New York City public and participating charter schools a $100 deposit into a scholarship fund invested in a NY 529 Direct Plan savings account which can only be used for higher education expenses. The program, administered by the nonprofit NYC Kids RISE in partnership with the city, will renew each year for new classes of kindergarteners. Families can participate in further actions like opening their own savings accounts to earn another $200 for the scholarship funds.

New York City Mayor Eric Adams today announced investments in the future of New York City children, giving 97 percent of kindergartners across the city access to a New York City Scholarship Account to save for college and career training in the future. Families can now activate their kindergarteners’ NYC Scholarship Accounts from the Save for College Program. This year, a total of $6.5 million has been invested in the 65,300 NYC Scholarship Accounts for students participating in the NYC Kids RISE Save for College Program, which provides families, schools, and communities with a way to work together to invest in children’s futures — regardless of their family’s income or immigration status.

The college savings program, introduced last year by former Mayor de Bill Blasio, aims to defray the costs of higher education and encourage long-term investing by giving each of the city’s public kindergarten students a seed investment that they can access when they enroll in college. The accounts were funded at the end of April. Families can now manage the accounts through the program website.