The BlackRock Foundation Awards $3.75 Million Grant to NYC Kids RISE
New funding will expand college and career savings opportunities for low- and middle-income New Yorkers through community-based financial empowerment partnerships
New York, NY – Apr 09, 2025 – The BlackRock Foundation has awarded a $3.75 million grant to NYC Kids RISE, unlocking early college and career savings opportunities for New York City families. The funding will support four Community Based Organizations (CBOs) that will partner with NYC Kids RISE to strengthen locally-connected, neighborhood-based financial empowerment infrastructure and help families take full advantage of NYC Kids RISE’s Save for College Program, including supporting families to open a dedicated college and career savings account and beginning to save for higher education.
The NYC Kids RISE Save for College Program provides NYC Scholarship Accounts to more than 280,000 New York City public school students, including nearly every child in a New York City public school in kindergarten through third grade. To date, more than $42 million have been accumulated across these accounts for college and career training. New classes of kindergarteners will automatically enroll in the program each year until nearly all 900,000+ NYC public school students will graduate with assets for their futures.
The Save for College Program also enables New Yorkers to work together to build wealth and support expectations of educational and economic success for every child by providing:
1. Upfront scholarships for every eligible student
2. Opportunities for families to earn additional scholarship dollars by completing foundational steps in the Program
3. Tools and information for families to develop and advance their own college and career savings plans
4. Financial education in classrooms and financial empowerment and college and career-going activities in schools and across neighborhoods
5. A way for entire communities to invest in their children through community scholarships and community support
With The BlackRock Foundation’s new grant, NYC Kids RISE will partner with the following four CBOs, each with deep roots and expertise in the neighborhoods they serve:
The CBOs will work with schools and families in the Queens neighborhoods of Long Island City, Corona, East Elmhurst, Astoria, Jackson Heights, Woodside, and Sunnyside; and the Bronx neighborhoods of Mott Haven, Melrose, and Port Morris.
Their programs will help students and families navigate the Save for College Program, access financial education, and maximize their savings plans. The BlackRock Foundation’s funding will enable the organizations to invest in greater staff capacity, training materials, financial empowerment tools, and other resources. These efforts will complement NYC Kids RISE’s existing citywide services, which include supporting a telephone hotline, creating and communicating educational materials, and hosting virtual and in-person workshops in multiple languages.
“A decade ago, in many New York City neighborhoods, one would have to visit five kindergarten classrooms to find just one five-year-old with a 529 Account for their higher education. Today, nearly all of them have an NYC Scholarship Account invested in a NY 529 Direct Plan account, thanks to the citywide expansion of the Save for College Program. This grant from The BlackRock Foundation will allow us to build on this unprecedented foundation and support families and communities to take their college and career savings to the next level,” said Debra-Ellen Glickstein, Founding Executive Director of NYC Kids RISE. “Families want to do more to invest in their children’s futures, but many New Yorkers face significant barriers that this initiative is designed to help overcome — putting coaching and support right in their backyards. Thank you to The BlackRock Foundation for this investment and for sharing our mission to make sure that every child in New York City has opportunities to pursue their college and career dreams.”
“At The BlackRock Foundation, we believe that building a secure financial future starts early—even as early as kindergarten,” said Claire Chamberlain, President of The BlackRock Foundation. “NYC Kids Rise has developed a powerful model for expanding college access by fostering community engagement and empowering parents to recognize the full potential of these programs. When families take an active role in financial planning and education, children are more likely to succeed. This initiative will equip more New York City children with the resources and support they need to pursue post-secondary education and training, setting them on a path toward long-term economic security.”
The BlackRock Foundation’s grant is part of a larger effort to expand economic security across the US by partnering with nonprofit organizations in local economies to scale their impact. By equipping local leaders with the resources to drive meaningful change, the Foundation aims to strengthen economic security and help more people stay on the path to a secure retirement.
About The BlackRock Foundation
Guided by BlackRock’s purpose to help more and more people experience financial well-being, The BlackRock Foundation focuses on increasing economic security for low- to moderate- income households by helping them earn, save and invest – earlier, more often and for their futures. With our partners, we aim to support the building of a financial safety net to protect against shocks that widen disparities and make it easier to build wealth and support upward mobility.
About NYC Kids RISE
The NYC Kids RISE Save for College Program is a community tool New Yorkers can use to build wealth in their neighborhoods and support the college and career dreams of their children. The public-private-community partnership provides NYC public school students, starting in kindergarten, with financial resources for higher education and support from their communities to achieve their goals.
NYC Kids RISE is a nonprofit organization managing the Save for College Program in partnership with NYC Public Schools and the City of New York. In the fall of 2017, the Save for College Program launched as a pilot in the communities of Queens School District 30 through a partnership between NYC Kids RISE, the NYC Public Schools, and the City of New York, with founding and ongoing support from the Gray Foundation. After the successful pilot, starting in the 2021-2022 school year, and every year going forward, students in eligible grades enrolled in an NYC public elementary school (including participating charter schools) automatically receive an NYC Scholarship Account invested in a NY 529 Direct Plan account with an initial $100 and opportunities to earn more through early rewards and community scholarships, unless their families choose not to participate. To date, more than $42 million has been invested across the Accounts of more than 280,000 students that will help to support their future college and career training.
