US EditionCollege Saving Accounts Gifted To Thousands Of Newark Kindergarten Students
The program opens 3,000 college savings accounts with $25 seed deposits and integrates financial literacy to increase college enrollment and completion rates, officials said.
- On Wednesday, Newark Public Schools launched Newark Saves to create college savings accounts for 3,000 incoming kindergartners funded by a $150,000 grant from The Prudential Foundation.
- Officials pointed to research showing a family's ability to pay strongly predicts graduation, noting last year's 90% graduation rate as they focus on the class of 2038 with 529 college savings accounts with Equitable.
- Participating families will get a $25 seed deposit to open their child's 529 account with Equitable, plus financial literacy workshops and incentive deposits for milestones.
- Officials said Newark Saves aligns with Mayor Ras J. Baraka's Newark Movement for Economic Equity, and Shan� Harris of the Prudential Foundation called the grant an investment in economic mobility and long-term wellness.
- Officials said the Newark Saves College Savings Program aims to support the class of 2038 by enhancing families' ability to pay for college, a key factor linked to higher graduation rates.
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Leaning Left2Leaning Right2Center10Last UpdatedBias Distribution71% Center
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71% Center
14%
C 71%
14%
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