About 70,000 kindergarten children in New York City were the first in the nation to receive baby bonds that were to help close the generation gap of wealth.
Each kindergarten student in the five boroughs will have a 529 college savings account set up with a minimum of $ 100 when the city invests in its children’s future. As of this year, all kindergarten children enrolled in a primary school have access to the scholarship account.
In addition to $ 100 for their future education, they can receive up to $ 200 in rewards.
The historic expansion of this program now reaches approximately 70,000 kindergarten students nationwide, up from the more than 13,000 students already participating in the program at School District 30 in Queens. The initiative was announced earlier this year as part of the New York City Economic Justice Plan.
Mayor and NYC School Chancellor Meisha Porter met with some of the program’s recipients Wednesday.
“If we want to change performance in our society. It has to start by investing in our most precious, precious commodity, and that is our children,” Porter told reporters.