The Prudential Foundation provides grant to open college savings plans for kindergartners
NEWARK, N.J., Aug. 20, 2025 /PRNewswire/ -- 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 today announced the launch of Newark Saves, a college savings program that creates a 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 (NMEE).
"It's not too soon to start thinking about 2038, when this year's kindergartners will be starting college," Superintendent León said. "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."
"At Prudential, we believe that financial security is the foundation for living better, longer," said Shané Harris, Prudential's Vice President of Inclusive Solutions and President of the Prudential Foundation. "Through the Newark Saves College program, we're investing in Newark's future by helping families save for post-secondary education, which is a meaningful step toward increasing economic mobility and long-term financial wellness. This initiative reflects our broader commitment to expanding access to financial security in our hometown and around the world."
"FOCUS has always been committed to empowering Newark's families with the tools and support they need to thrive," said Maritza Arauz, Executive Director of FOCUS Hispanic Center for Community Development. "Through the Newark Saves College Savings Program, we are proud to help remove financial barriers and open doors to higher education starting in kindergarten. This program is not just about saving for college. It's about affirming that every child in Newark has a future worth investing in."
"Newark Public Schools students have shown time and time again that they have what it takes to succeed in college," said Board of Education President Hasani K. Council. "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."
"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. Newark is blessed to have Prudential as such a long-term, compassionate partner – and to have the creative leadership of Superintendent León."
Superintendent León thanked The Prudential Foundation for its generous support and the FOCUS Hispanic Center for Community Development and the Newark Public Schools Foundation for their partnership. Every year, our students prove they're ready for college. Newark Saves is designed to make sure they also have the financial support to finish. Through the program, district families will learn what they can do now to be prepared to pay for their children's college education in the future.
About Newark Public Schools
The Newark Public Schools is the largest school district in New Jersey and dates back to 1676. The District currently enrolls over 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 ten new schools under Superintendent León's leadership with an additional portfolio of new options to be announced in the coming months and years. The Newark Board of Education serves as a beacon of educational excellence, dedicated to nurturing the potential of every student. With a commitment to innovation, inclusivity, and fostering a love for learning, the District continues to shape future generations and make a positive impact within the community.
About Newark Saves
The Newark Saves College Savings Program will foster a culture of college savings among families with children entering kindergarten by:
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 strong "college-going culture" in the city.
Research shows that a family's ability to pay for college is one of the strongest predictors of whether a student will graduate. Even modest savings significantly increase the likelihood of both enrollment and completion.
For more information about the Newark Saves College Savings Program or how to contribute, visit newarksaves.org
Contact: |
Paul Brubaker |
973-803-6983 |
SOURCE Newark Board of Education
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