Tara Siegel Bernard, of the New York Times, discusses the importance and logistics of New York City’s establishment of a program that opens up savings accounts for every public school kindergartner. Their article begins as follows:
Kindergarten often brings a flood of notices about events, school supplies and class photos. But when Vaniqua Hudson-Figueroa’s daughter started at a public school in Queens, there was one that Ms. Hudson-Figueroa wasn’t expecting: The city had opened a college savings account in her child’s name — and it already had $100 in it.
For Ms. Hudson-Figueroa, the account opens up possibilities she didn’t know she had when she was her daughter’s age.
“When I was a kid, nobody spoke about college,” she said. “There was nothing to talk about.”
The account for her daughter, Mia Issabela, was started four years ago as part of a pilot program. Now New York City is opening the savings accounts for every public school kindergartner. Roughly 70,000 students are receiving a college savings account with $100 already invested and the potential to receive up to $200 more.
The establishment of a program by the largest school system in the country is the latest governmental endorsement of accounts meant to use modest investments to help set every child on the path to education beyond high school.
To see full article, click: “Seeding Accounts for Kindergartners and Hoping to Grow College Graduates”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal