Education www.qns.com i LIC COURIER i January 2017 31 Photo courtesy of the Mayor’s Office Similar initiatives exist in San Francisco, Oakland, Indiana, Nevada, Oklahoma and Boston. Several city offices will collaborate on this effort, including the Department of Consumer Affairs and its Office of Financial Empowerment, which will help families create financial savings plans through their financial empowerment centers. The program will have both a scholarship component and family savings component. In conjunction with NY’s 529 College Savings Program, an investment account run by the state, a portion of funds invested in the scholarship program will go to every student enrolled regardless of their family’s income. Family members and relatives will also be able to contribute their own money into the 529 plan and can benefit from compound earnings. Debra-Ellen Glickstein, the former executive director of the Office of Financial Empowerment, will serve as the executive director of NYC Kids Rise. Julie Menin, Commissioner of the Mayor’s Office of Media and Entertainment, who came up with the program in her previous job as commissioner of consumer affairs, will also help spearhead the initiative.
LIC012017
To see the actual publication please follow the link above