Support Education Savings for Families in New York

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In the shadow of the recent election, the fight for equality is more important than ever, and many of us are feeling the pressure to act. The media may be turned to the highest seat in government, but as Governor Cuomo himself wrote, "Let us also look to our state governments as places where progress can be made." Here is one place we can start.

Children with college savings - even as little as $1 - are 3 times more likely to attend college than those with no savings. Help make college a more accessible dream for all New York families by signing this petition!

This petition will ask Governor Cuomo to sign into law two bills that allow New Yorkers to split their New York State tax refund so they can save a portion of it for education.

The two bills, S6229/A9065 and S6942/A9118, both passed nearly unanimously during the last legislative term. These bills advance a universal approach to help all New York households save at tax time and bring college education within reach; however, they will have a particularly beneficial impact on the lowest income households in our state. Research demonstrates that students from low and moderate-income families who even have less than $500 saved were three and a half times more likely to attend and four and a half times more likely to graduate from college than similarly-situated students who do not possess a savings account. [1]

A college degree has the potential to almost double a New Yorker’s earning power to $54,107 a year. [2]

These bills have the potential to transform the annual tax filing process into a meaningful step towards college for children in households concerned about the high costs of post-secondary education. Reducing barriers to college attendance is a critical strategy to help New Yorkers meet the challenges of tomorrow's labor market and to build a robust New York workforce.

Providing New Yorkers with an opportunity to save for their children’s college education is an investment in the future of New York. We have just ten days - ask Governor Cuomo to sign these bills today!


[1] Elliott III, et al. Small-Dollar Children’s Savings Accounts, Income, and College Outcomes. Center for Social Development, George Warren Brown School of Social Work, Washington University in St. Louis (2013).

[2] According to the census 5-year estimate (2010-2014), New York State’s median income for a high school graduate is $30,052; for some college or an associate’s degree is $37,205; for a Bachelor’s degree is $54,107; and for a graduate or Professional degree is $71,351. U.S. Census Bureau, American Community Survey 5-Year Estimates (2010-2014), Summary Table S2001; retrieved from American FactFinder: http://factfinder2.census.gov/   

 



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