City Hall opened a savings account to pay college for every kindergarten student in New York
'16.09.2021'
Nurgul Sultanova-Chetin
About 70 kindergarten children in New York received from the mayor's office "baby bonds" - savings accounts to pay for college in the future. Each public kindergarten in five boroughs of the city had a college savings account known as Plan 000. The amount contributed by the City Hall to each account was a minimum of $ 529. This is the first such program in the United States. PIX 11.
The authorities estimate that every dollar invested in public funds will grow to at least 20 times that amount in charitable programs, family savings, community scholarships and investment profits by the time the child finishes school.
On the morning of September 15, Mayor Bill de Blasio met with some of the children who had opened accounts.
“This is the first program of such a large scale in our country,” said the head of the city. "We need to take decisive and swift action to address inequalities."
New York Senator Michael Janaris, who supports the idea, called baby bonds "life-transforming."
When we say the future of our @NYCSchools kids is the most important thing, you can take that to the bank.
Our new universal baby bonds program will knock down barriers, open new doors and give every kid in our city the opportunity to start their dreams for tomorrow today. pic.twitter.com/g7bQoZtwBW
- Major Bill de Blasio (@NYCMayor) September 15, 2021
“Targeted bonds will help these children in the future,” Janaris said. He believes the investment will put them on the right track.
The mayor initially announced his intentions in June. They became part of the city's plan for economic justice, adopted on June 19. Its goal is to raise the level of well-being of children from low-income families in New York.