Beginning This Fall, Incoming New Jersey Kindergarteners Will Be Given College Savings Accounts Thanks To A $150K Grant
An investment in the future of Newark, NJ, kindergarten students is underway.
According to a press release from the Newark Board of Education, Newark kindergarten students will benefit from a $150,000 grant from The Prudential Foundation. This grant will be allocated to Newark Public Schools through the Newark Saves College Savings Program. Beginning in September at the start of the 2025-26 academic year, the program will provide 3,000 incoming kindergarten students with college savings accounts.
The press release notes that Shané Harris, the vice president of inclusive solutions and president of the Prudential Foundation, said the investment honors a commitment to building financial security foundations in the area and globally.
The initiative was announced on Aug. 20 and is supported by a partnership with the FOCUS Hispanic Center for Community Development.
“It’s not too soon to start thinking about 2038, when this year’s kindergartners will be starting college,” Newark Public Schools Superintendent, Roger León, explained, per the release.
“As more Newark Public Schools students are admitted to higher education institutions every year, the Newark Saves College Savings Program will help reduce cost as a barrier to attending or finishing college,” he continued.
The press release states that kindergarten families who meet eligibility requirements will be enrolled in 529 college savings accounts with Equitable — a financial services company — within a year of the program’s start.
Furthermore, the program will offer financial literacy resources and tools to families, including workshops and college planning sessions, available at the district’s elementary schools. District Parent Liaisons, in partnership with FOCUS and Equitable, will assist families with the savings process, according to the press release.
“We do our best in Newark to grow our children into well-rounded adults with every life opportunity available to them. This brilliant innovation helps resident families grow their children’s college funds while the students ascend to build on their academic achievements,” Newark Mayor Ras J. Baraka expressed, per the press release. “The awarded seed money, accompanying family financial literacy program and the savings incentives and rewards demonstrate the Prudential Foundation’s unshakable commitment to the highest caliber of corporate social responsibility.”
