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NYC Starts College Savings Accounts For Kindergarteners

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New York City officials are helping students with saving for college, building off a pilot program started under the previous administration.

The city recently opened 529 college savings accounts for every kindergartener and made an initial deposit of 100 dollars in each. This will continue for every kindergarten class. Deborah Ellen Glickstein is in charge of the NYC Kids Rise Save For College Program. She hopes the initial deposit from the city will encourage families to save for college.

“Our goals are to build significant financial assets with and for participating families and communities and to ensure that the students are getting reinforced expectations of success from every part of their lives.”

Research shows those with a college savings account are three times more likely to go on to higher education.