As thousands of Newark families are preparing children for their first day of kindergarten in September, a new Newark Public Schools initiative will open college savings accounts for every kindergarten student funded by a $150,000 grant from The Prudential Foundation.
District officials and their partners announced Aug. 20 the launch of Newark Saves, a college savings program that creates college savings accounts for 3,000 incoming Newark kindergartners beginning this school year. The Newark Saves College Savings Program is also made possible through a partnership with the FOCUS Hispanic Center for Community Development.
This initiative is aligned with the City of Newark’s initiatives aimed at ending poverty among Newark families, including Mayor Ras J. Baraka’s Newark Movement for Economic Equity.
“It’s not too soon to start thinking about 2038, when this year’s kindergartners will be starting college,” said Superintendent Roger León, the first Latino to lead the largest school district in the state of New Jersey. “As more Newark Public Schools students are admitted to higher education institutions every year, the Newark Saves College Savings Program will help reduce cost as a barrier to attending or finishing college.”
Shané Harris, Prudential’s vice president of inclusive solutions and president of the Prudential Foundation, said, “At Prudential, we believe that financial security is the foundation for living better, longer. This initiative reflects our broader commitment to expanding access to financial security in our hometown and around the world.”
Eligible kindergarten families will be enrolled in 529 college savings accounts with the financial services company Equitable by the end of the first program year, aiming for 3,000 students in the 2025-2026 academic year, while integrating financial literacy education for families.
The program provides financial literacy workshops and college planning sessions at all of the district’s elementary schools. Parent Liaisons, in collaboration with FOCUS and Equitable, will offer support to help families navigate the savings process.
The program will develop outreach strategies in multiple languages to engage all eligible families and close awareness gaps. It will utilize social media, digital marketing, newsletters, and conferences to ensure program impact and widespread participation.
Each participating family will receive a $25 seed deposit to open their child’s 529 college savings account, with opportunities for additional incentive deposits over time for actions such as parents attending parent-teacher conferences, and students maintaining strong attendance or participating in academic enrichment activities.
The Newark Saves College Savings Program is part of a broader effort to build a “college-going culture” in the city.
“We do our best in Newark to grow our children into well rounded adults with every life opportunity available to them,” said Mayor Baraka. “This brilliant innovation helps resident families grow their children’s college funds while the students ascend to build on their academic achievements. The awarded seed money, accompanying family financial literacy program and the savings incentives and rewards demonstrate the Prudential Foundation’s unshakable commitment to the highest caliber of corporate social responsibility.”
The Newark Public Schools is the largest school district in New Jersey and dates back to 1676. The district enrolls more than 41,000 students in 65 schools. After more than two decades of state operation and upon return to local control in 2018, the district has opened 10 schools under Superintendent León’s leadership.
