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NYC’s FY2027 budget will open a $1,000 college savings account for every public school kindergartner, the largest program of its kind in the US

New York City's FY2027 budget will open a $1,000 college savings account for every public school kindergartner, making it the largest such program in the US.

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New York City’s Fiscal Year 2027 budget, finalized at City Hall on June 29, will open a $1,000 college savings account for every public school kindergartner across the five boroughs, making it the largest universal college savings program in the United States, according to the New York Daily News.

The $53 million investment is a tenfold expansion of NYC Kids RISE, an existing city program that currently contributes $100 per student. Every kindergartner in a public school is automatically enrolled unless their parents choose to opt out. The money goes into a 529 plan, a tax-advantaged account, and can be used for four-year college, community college, or vocational school.

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