Unlocking a Brighter Future: Your Top NYC Kids RISE Questions Answered
NYC RISE College Savings Plan for Kids: Empowering Education and Career Training
What is the NYC RISE College Savings Plan for Kids?
The NYC Kids RISE College Savings Program is a groundbreaking scholarship and savings initiative designed to make college and career training more accessible to all New York City public school students, regardless of family income or immigration status.
How Does the Program Work?
Every student attending a New York City public school, including participating charter schools, is automatically enrolled in the program and receives a NYC Scholarship Account with an initial balance of $100, unless their parent or guardian opts out. Families can receive additional scholarship awards, which are allocated to this account. Communities can also demonstrate their support for every child’s success by donating additional funds to a student group’s NYC Scholarship Account through Community Scholarships.
Investing in the Future
Funds allocated to the New York City Scholarship Account are invested in an account in the New York 529 College Savings Plan Direct Plan. The account is owned and managed by the nonprofit organization NYC Kids RISE on behalf of participating students. While parents and guardians cannot make deposits or withdrawals to the NYC Scholarship Account, they can open and/or link a college and career savings account for their child through the program, allowing them to save in a way that works for their family’s financial situation.
Building Assets for Success
The NYC RISE College Savings Plan for Kids enables parents, guardians, family members, friends, schools, communities, businesses, and governments to work together to build assets and support every child’s aspirations for educational and economic success. By investing in the future of New York City’s students, we can create a brighter, more equitable tomorrow for all.