§ 19-04.
RCNY § 19-04
a. NYC Scholarship Accounts. The City will contract with a not-for-profit entity to create a NYC Scholarship Account for each student who is enrolled in the Program. The City will ensure that each NYC Scholarship Account is initially allocated $100. All funds allocated to a student's NYC Scholarship Account will only be distributed for the benefit of that student, and only for Qualified Higher Education Expenses. A student with a Qualified Higher Education Expense may access the funds in their NYC Scholarship Account by submitting documentation to the not-for-profit entity described in 43 RCNY § 19-04(a), or any successor entity, reflecting an upcoming or recent Qualified Higher Education Expense incurred for the benefit of such student. b. Incentives.
1.In addition to the initial $100 allocation, the City will ensure an additional one-time incentive of $25 will be allocated to the student's NYC Scholarship Account when any of the following steps are taken prior to the student's last day of fifth grade: (a) The student's NYC Scholarship Account is activated online; (b) A New York State 529 College Savings Program Direct Plan account, or any similar savings account that can be linked to a student's NYC Scholarship Account via a partnership with the not-for-profit entity described above in subdivision a, is linked to the student's NYC Scholarship Account; and (c) At least $5 is deposited into the account linked to the student's NYC Scholarship Account.
2.If all three steps above have been taken on behalf of an eligible student, the student will be eligible for a financial "matching" incentive beginning on the student's first day of first grade, or immediately if such student is past their first day of first grade. For each dollar deposited into the account linked to the student's NYC Scholarship Account, the City will ensure that an additional dollar is allocated to the student's NYC Scholarship Account, up to a maximum of $100. This "$100 match" incentive is available on a one-time basis until the student's last day of fifth grade. To be eligible for the "$100 match," the funds deposited into the account linked to the student's NYC Scholarship Account must be deposited: (a) After the initial $5 deposit described above in paragraph 1; (b) Between the student's first day of first grade and the student's last day of fifth grade; and (c) While the student is enrolled in a school managed by the Department or a charter school within New York City.
3.The above incentives are only available to students with NYC Scholarship Accounts who are enrolled in a school managed by the Department or a charter school within New York City at the time that the applicable above step is taken. c. Withdrawal from Program and Use of Funds.
