Newark public schools launch college savings programs for 3,000 kindergarteners
NEWARK (WABC) -- It's never too early to start saving and on Wednesday, a group of 3,000 kindergarteners got a head start on college funds thanks to a unique program.
"Today we take a major step in addressing the challenge that not everyone has the financial means to attend college with the launch of Newark Saves College Savings Program," Newark officials said.
A savings account has been created for 3,000 kindergarteners and money has been put into those accounts thanks to a $150,000 grant from The Prudential Foundation.
Each participating family will receive a $25 seed deposit to open their child's 529 college savings account, with opportunities for additional incentive deposits over time for actions such as parents attending parent-teacher conferences, and students maintaining strong attendance or participating in academic enrichment activities.
"It means that we have a head start on savings to get Harmony off to college and to help give us a little bit of relief because college can be in the hundreds of thousands of dollars per year. That's a lot of money," a resident said.
Last year, for the first time ever, Newark public schools saw a graduation rate of 90%. Now the focus turns to the class of 2038, making sure all students not only graduate but have the money to go to college.
"To see they have a program to help our kids means a lot to me," a resident said.
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