How These College Savings Programs Could Help Black Scholars Of The Future

Child writing in notebook
Via Pexels
Tremain Prioleau II
June 20, 2022

A college education has historically been a tool for Black Americans to push forward and support ourselves and our communities. However, the price of admission is too high for many Black people today. 

Could the rise of state-sponsored child savings accounts make paying for college a little easier?

In over 36 states – including Maryland, South Carolina, Georgia, and Alabama – child savings accounts are making it possible for parents to start planning early for their child’s future by placing $100 into a savings account for them as soon as they enter kindergarten. 

It doesn’t sound like much, but over 15 years, and with regular contributions, it can grow.

New York City is the most recent to implement a program with “NYC Kids RISE.” It’s invested a total of $6.5 million for roughly 70,000 students. But why the big investment in our children?

These programs are created to help combat the growing student debt crisis, which has hit Black America the hardest – Black college graduates are carrying an average of $52,000 in student loan debt!

Taking advantage of programs such as the NYC Kids RISE Save for College Program can help to combat the student debt crisis for Black families. A more educated Black community can only benefit our collective progress toward Black liberation!

Find out if your state has a similar program and whether it makes sense for you to take advantage of it.

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