From kindergarten to college: de Blasio announces new savings account for public school students

Mayor Bill de Blasio announced on Thursday a savings account program to help kindergarteners in Queens pay for college.

NYC’s Child Savings Account will launch in the fall for School District 30 in Queens, which encompasses Astoria, Ditmars, East Elmhurst, Hunter’s Point, Jackson Heights, Long Island City, Sunnyside and Woodside.

“All of NYC’s kids deserve the chance to attend college and pursue their dreams, regardless of their family’s economic status,” de Blasio said. “Today we’re announcing a savings account for thousands of children in Queens, which we know will dramatically increase their likelihood of getting a college degree.

“We hope to see this program continue to grow so families across the five boroughs can start saving early for their children’s future.”

The program will allocate $100 to about 3,500 kindergartners in Queens in the fall with $200 in matching funds during the first three years of the initiative. Approximately 10,000 children will be part of the savings program during the first three years.

The student’s family will pay nothing, according to the mayor’s office, and every public school kindergartner will be automatically enrolled in the program starting in the fall.

The Gray Foundation, a philanthropic group that focuses on healthcare and opportunity for low-income children, will provide up to $10 million in seed funding.

“[My wife] Mindy and I believe that all children should have the opportunity to reach their highest potential,” Gray Foundation co-founder Jon Gray said.

“NYC Kids RISE will help public school students plan and save for higher education at an early age, improve financial literacy, and expand the benefits from long-term investing to all families.”