The BlackRock Foundation has allocated a $3.75 million fund to NYC Kids RISE to promote college and career savings for New York City families through partnerships with local community-based organizations. This initiative aims to bolster financial empowerment and assist families in utilizing NYC Kids RISE's Save for College Program.
The Save for College Program, which provides NYC Scholarship Accounts to over 280,000 public school students, benefits children from kindergarten to third grade in New York City. The program has accumulated more than $42 million so far, with plans to eventually cover nearly all 900,000 public school students.
Through the program, students receive upfront scholarships and opportunities to earn additional funds by engaging in program activities. It also offers financial education tools and resources to support families in developing their savings plans. This community-focused approach includes school and neighborhood activities promoting financial education and empowerment.
With this recent grant from The BlackRock Foundation, NYC Kids RISE will collaborate with Urban Upbound, Sunnyside Community Services in Queens, Mercy Center, and Qualitas of Life Foundation in the Bronx. These organizations will provide guidance to help families navigate the Save for College Program and maximize their savings for education.
The funding will be directed towards enhancing staffing, training materials, and financial empowerment tools across multiple neighborhoods in Queens and the Bronx. This effort aligns with NYC Kids RISE's existing services, such as an educational telephone hotline, multilingual workshops, and both virtual and in-person sessions aimed at financial literacy.
Debra-Ellen Glickstein, Founding Executive Director of NYC Kids RISE, expressed the significance of the grant by stating that it will enable further support for families, helping them overcome barriers and investing in children's futures. Claire Chamberlain, President of The BlackRock Foundation, highlighted the organization's belief in starting financial planning early in life and empowering parents and communities to engage actively in children's education and financial security.
The BlackRock Foundation's contribution is part of its broader strategy to enhance economic security throughout the United States by collaborating with nonprofits to expand their local impact.
NYC Kids RISE operates its Save for College Program in partnership with the City of New York and its public schools, initially launched through a pilot program in Queens. The initiative has been expanding since the 2021-2022 school year, incorporating all eligible public school students into the program automatically, with the option for families to opt out.
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