Big news for the future of education in Newark, New Jersey! Starting this fall, incoming kindergarten students will be given a head start on their college journey thanks to a generous $150,000 grant from The Prudential Foundation. This initiative is set to make a significant impact on the financial futures of thousands of young students.
Newark Saves College Savings Program Launched
The grant will be channeled through the Newark Public Schools via the Newark Saves College Savings Program. Beginning in September 2025, approximately 3,000 incoming kindergarteners will have college savings accounts established for them. This program is a powerful commitment to building strong financial foundations for the community.
Shané Harris, vice president of inclusive solutions and president of The Prudential Foundation, announced the initiative on August 20th, highlighting its alignment with the foundation’s global commitment to financial security. The program is also supported by a partnership with the FOCUS Hispanic Center for Community Development.
Investing in the Future Class of 2038
Newark Public Schools Superintendent, Roger León, emphasized the long-term vision of the program. “It’s not too soon to start thinking about 2038, when this year’s kindergartners will be starting college,” he explained. As more Newark students are admitted to higher education each year, this program is designed to help alleviate the cost barrier that often prevents students from attending or completing college.
Families who meet the eligibility requirements will be enrolled in 529 college savings accounts with Equitable, a financial services company, within a year of the program’s launch. Beyond the savings accounts, the program will also provide valuable financial literacy resources, including workshops and college planning sessions, available at the district’s elementary schools.
Community and Corporate Support
Newark Mayor Ras J. Baraka praised the initiative, stating, “We do our best in Newark to grow our children into well-rounded adults with every life opportunity available to them. This brilliant innovation helps resident families grow their children’s college funds while the students ascend to build on their academic achievements.”
He further commended The Prudential Foundation’s “unshakable commitment to the highest caliber of corporate social responsibility,” noting the seed money, financial literacy program, and savings incentives provided. District Parent Liaisons, working with FOCUS and Equitable, will guide families through the savings process, ensuring the program’s success.
What do you think about this initiative to provide college savings accounts for kindergarteners? Share your thoughts in the comments below!