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The Save for College Program allows you to connect one of two types of college and career savings accounts to your child’s NYC Scholarship Account. When you complete this step, you will receive the $25 reward for completing Building Block 2 in your child’s NYC Scholarship Account.
Students receive age-appropriate financial education starting in kindergarten. The NYC Kids RISE Save for College Program is a scholarship and savings program administered by NYC Kids RISE, Inc., a nonprofit, in partnership with NYC Public Schools and the City of New York.
The NYC Kids RISE Save for College Program is a scholarship and savings program designed to make college and career training more accessible for all NYC public school students, no matter their family income or immigration status.
- Save on Taxes—And Lower The Cost of College
- Start Saving at Any Time
- Take on Less Debt
- Choose Any Eligible School
- Decrease Financial Aid Impact
- Change Your Beneficiary If Needed
With the Direct Plan, you benefit from tax-deferred earnings as well as tax-free withdrawals for qualified higher education expenses.* Since you're paying less in taxes, you can save more, which lowers the total cost of college. If you're a New York State taxpayer, you can also deduct contributions on your state income tax return.** Learn about the...
Whether you have a toddler or a teen, it's never too early or too late to save for higher education.
The more you can put aside for college now, the fewer loans you and your child may have to take out later on. Saving rather than borrowing also makes your overall college cost much lower.
Your child can attend any eligible higher education institution, not just a 4-year college or university. This includes vocational and trade schools, as well as community colleges and graduate schools.
Unlike other types of accounts, such as a custodial account under the Uniform Gifts/Transfers to Minors Act (UGMA/ UTMA), a 529 plan account is generally considered part of the parents' assets, not the child's. So it will have much less impact when it comes to financial aid eligibility.
If your child doesn't use the money in the account, you can choose an eligible family member, such as one of your other children, or even yourself, to be the beneficiary without paying a penalty. See what other benefits the Direct Planoffers
Jul 15, 2021 · A 529 college savings plan allows savers to stash away money specifically to fund a college education and offers tax-deferred growth and tax-free distributions for qualified...
- Elizabeth Gravier
Sep 21, 2022 · If you are a new parent or your kids are young, you'll want to do one thing right now: Start putting money into a college savings plan. Having a college fund for kids is generally a surefire...
People also ask
What is the save for college program?
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Jul 6, 2022 · But making the right choice while your child is young—even a baby—can save you a lot of angst down the road when it comes time to apply for financial aid and search for scholarships. You can find the right type of college savings account for your child by answering a few questions.
