Kindergartners in NYC To Get Free Money in Savings Account

Every+kindergartener+in+New+York+City+received+%24100+in+a+college+savings+account+this+year.

Every kindergartener in New York City received $100 in a college savings account this year.

Kevin Hernandez, Staff Writer

Every kindergartner in the year 2030 in New York will be receiving $100 in a savings account and kids are expected to have around 3,000 by the time they graduate from high school. 

The reason New York Schools are deciding to pass this is that they have researched benefits where even if it is small it will still motivate kids to attend school and go to college.

New York isn’t the first place to do this. There are over 100 programs right now in the US doing the exact thing from San Francisco to Maine, although the programs are very new so there’s no telling still how this will work. 

There are many questions on how this would work concerning if they don’t go to college what happens to the money in the account? If the money is never used by the age of 25 the money will go back to the program’s manager and will help other students in the system. 

Some people wonder if this will really motivate kids to go to college. 

Araceli Mendez, senior, said she believes it will.

“Yes, because a lot of people hold back from going to college since it can be expensive and they don’t want to be in debt,” Mendez said. “With this money, they will be able to use it to their advantage and continue with their career without worrying of the expenses.” 

Dennis Hernandez, a college graduate, agrees that a savings account would be helpful but doesn’t address all the issues that a student might go through.

 “I think in some ways it can but at the end of the day it depends on a factor of things not just a free handout of 3k although it is nice just not enough for most students,” Hernandez said. 

It seems most people believe positively about having a savings account 

“I think it’s a great idea because by the time they are ready for their individual lives they will have money saved up for their future careers, financial costs, etc. which will benefit them and create more stable individuals,” Mendez said.