#United States #Newark #Newark Saves #Prudential Foundation #FOCUS Center

Newark Public Schools Launches Newark Saves College Savings Program

As Newark families prepare for the exciting transition into kindergarten this September, Newark Public Schools has unveiled a transformative initiative aimed at ensuring future educational success for young children. Called the Newark Saves College Savings Program, the initiative will establish college savings accounts for every kindergarten student in the district, a milestone funded by a generous $150,000 grant from The Prudential Foundation.

This innovative program aims to enroll approximately 3,000 incoming kindergartners for the 2025-2026 academic year, marking a significant step in the movement towards reducing the financial barriers associated with higher education. The initiative is executed in partnership with FOCUS Hispanic Center for Community Development, solidifying a coalition focused on empowering families in Newark through educational opportunities and financial literacy.

School District Superintendent León emphasized the importance of thinking long-term as the students of today will soon be college-bound. “It's not too soon to start thinking about 2038, when this year's kindergartners will be starting college,” he stated, highlighting that this endeavor aligns with the City of Newark's broader goals aimed at eradicating poverty among local families, notably through Mayor Ras J. Baraka’s Newark Movement for Economic Equity (NMEE).

The Prudential Foundation's Vice President of Inclusive Solutions, Shané Harris, reiterated the organization's commitment to fostering financial security in local communities. “By assisting families in saving for their children’s education, we are promoting economic mobility and enhancing long-term financial wellness,” she mentioned, indicating a broader commitment to access and support in financial matters.

The program’s outreach is multifaceted, aiming to promote financial literacy education among families through workshops and direct support. Families will have access to comprehensive financial literacy programs, equipping them with the necessary skills to navigate the savings landscape effectively. Parent Liaisons, in collaboration with FOCUS and Equitable, the financial services company administering the 529 college savings accounts, will guide families every step of the way.

Each participating family will benefit from an initial $25 seed deposit to kickstart their child’s college savings account, with additional opportunities for incentivized deposits based on student attendance, performance, and family engagement in school activities. This structures a cultural shift towards valuing education savings early on and prepares children and families for future educational endeavors.

Mayor Baraka praised the initiative, stating, “This innovative approach helps families grow their children's college funds while ensuring they have the necessary support to achieve educational success.” He further acknowledged the collaborative efforts of the Prudential Foundation and the commitment they show towards corporate social responsibility in supporting local families.

The Newark Saves initiative is not only about financial assistance; it's a pledge to instill a culture of college-bound expectations from a young age. Research consistently shows that a family's capacity to contribute to college expenses significantly impacts students' likelihood of enrollment and completion of higher education. “Even modest savings can make a significant difference in a child’s educational trajectory,” stressed Superintendent León.

As Newark Public Schools continues to spearhead initiatives that promote educational equity and create opportunities for its students, the Newark Saves College Savings Program stands as a beacon of hope and a pathway towards a brighter financial future. Families keen on benefiting from this program can find more information at newarksaves.org.

About Newark Public Schools

The Newark Public Schools is New Jersey’s largest school district, serving over 41,000 students across 65 schools. In recent years, the district has made strides in returning to local control and enhancing educational opportunities for its diverse student body.

Newark Saves aims to further foster a college-going culture within the community, ensuring that every child has access to a future worth investing in.