Mayor Eric Adams announced on Wednesday the city will be giving most kindergartners across New York City access to a New York City Scholarship Account.

The account is meant to help students save for college and career training in the future. Families can now activate their kindergarteners’ NYC Scholarship Accounts from the Save for College Program. A total of $6.5 million has been invested in more than 60,000 accounts for students participating in the NYC Kids RISE Save for College Program.

“We need tangible and practical solutions to reduce the racial wealth gap, even more now as we emerge from the pandemic,” said Adams. “The Save for College Program can reduce the amount that students and families have to borrow in student loans, combatting the student debt crisis that has disproportionately impacted students of color."

Starting in 2022, kindergarten students enrolled in a New York City public school and participating charter schools will automatically receive a scholarship account invested in a NY 529 Direct Plan with an initial $100 from NYC Kids RISE. Families can choose not to participate.

Families can receive up to $200 in additional rewards for their child’s scholarship account by taking foundational steps like opening and connecting a separate college and career savings account that they own for their child.

According to the mayor's office, research suggests that children with a college savings account of just $1 - $500 are three times more likely to go to college and more than four times more likely to graduate.