New York City budget provides $1,000 college savings for every public school kindergartner

The 2027 New York City budget agreement between Mayor Zohran Mamdani and the City Council will automatically fund a $1,000 college‑savings deposit for every student entering a public‑school kindergarten, a ten‑fold increase from the previous $100. The money is placed in a tax‑advantaged 529 savings account and is available for use at community colleges, vocational schools or four‑year universities. Most charter schools participating in the city’s system are also enrolled.

In addition to the college‑savings boost, the $125.8 billion budget restores several education programs that were slated for cuts. Restored initiatives include a $5 million mental‑health continuum serving school‑based clinics, an $8.4 million sensory‑exploration program for students with sensory disabilities, a $6 million restorative‑justice effort, outreach to immigrant families, and a $3.3 million student‑success center to aid high‑school college‑application navigation.