New York City is funding college plans for students in the hopes of closing the wealth gap investinyou (In partnership with acorns.)
account in 2017. The plans are a tax-advantaged way to save for college or other schooling. Earnings and qualified withdrawals are free of federal tax and often state levies as well.
Now, starting this fall, every public school kindergarten student in New York City will get $100 in a 529 account. Students in New York City's P.S. 148, pictured in Jan. 2020, were among those involved in a pilot program that gave kindergarten student $100 in a 529 college savings plan. The imitative is now city-wide.
Another big part of the initiative is financial education for families. The hope is that parents will be inspired to start saving in their own 529 plan.
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