August 22, 2025
Children entering kindergarten in Newark Public Schools will begin their academic journey with a college savings account.
This fall, thousands of children entering kindergarten in Newark Public Schools in New Jersey will begin their academic journey with a college savings account.
The Prudential Foundation is partnering with the school system to invest in the future of New Jersey students. Each student will be granted a $25 seed deposit thanks to a $150,000 grant from the Prudential Foundation.
The newly launched program, dubbed Newark Saves, will automatically create a 529 college savings account for eligible participants. The accounts are through Equitable for about 3,000 students. Additional “incentive deposits” will be added when families achieve milestones. Parents can earn money for their children by attending parent-teacher conferences, maintaining attendance, or participating in extra-curricular activities.
Superintendent Roger León commented on investing in students early, stating, “It’s not too soon to start thinking about 2038, when this year’s kindergartners will be starting college.” León continued, “As more Newark public school 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.”
Board of Education President Hasani Council agreed stating, “Newark Public Schools students have shown time and time again that they have what it takes to succeed in college. The Newark Saves College Savings Program will help our students and families have what it takes to pay for college. It will help make college education more attainable for our students while helping them avoid heavy student loan debt. Of everything good in financials that this initiative will teach our students, the parental component in this program will be a game changer for their families.”
Newark Saves isn’t just about opening accounts. The program is also about making college feel possible. The program includes financial literacy workshops and resources for families. Additionally, Newark Saves is organized in partnership with the FOCUS Hispanic Center for Community Development. School officials argue that even modest contributions greatly increase the odds that a student will enroll in and complete college.
Newark, the state’s largest school district, aims to turn this early investment into long-term success. The district serves 41,000 students across 65 schools.
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