Well, as summer starts to wind down, families are of course getting ready for back to school, and parents in Newark got some unexpected good news today.

The city's school district will open college savings accounts for every kindergarten student.

Senior correspondent Joanna Gagas was at the district's press conference this morning and joins us now with more detail.

So Jo, how's this program going to work?

Well, Brianna, the way it works is every student entering kindergarten in the Newark Public Schools this year will be given $25 to open a 529 college savings account.

Now, anyone with kids knows the years go very quickly, but also $25 won't pay for college.

The goal here in the district is to begin teaching financial literacy courses to the little kids and their parents so that they understand while they're very young the value of saving and how to grow that money.

Be a principal.

A teacher.

They might be little, but they're not too young to have a dream.

And for many of these kids who are just weeks away from starting kindergarten, those dreams include being back in a school setting.

But their goals require a college degree that's getting more costly by the minute.

It's incredible.

I mean, it's really hard to really explain how to really feel about the moment, but you know, the 529 plan is perfect for starting and saving up for college because who knows 2038, what's it will be like.

Today, we take a major step in addressing the challenge that not every student has the financial means to attend college with the launch of NERCSaves, providing comprehensive financial literacy workshops and college planning sessions at every single one of our 42 elementary schools.

Newark Public Schools Superintendent Roger Leon made the announcement today with a rising kindergartner from each of the five city wards, along with their parents.

He detailed how the district will work to engage as many families as possible with the literacy education courses and ways the students can grow their own accounts through academic achievement.

for students who achieve good grades, maintain perfect attendance, and participate in enrichment activities.

Families can also earn additional deposits by parents attending parent-teacher conferences, back-to-school nights, and all of the other incredible school events for their children.

They have a bright, bright future, so to start it now is perfect.

And if you're wondering how the district can afford these payments with school budgets stretched so thin, it comes from a partnership with Prudential Financial that put up $150,000 to make these initial investments.

FOCUS, the Hispanic Center for Community Development, will assist with outreach efforts.

Newark Mayor Raz Baraka and Senate Majority Leader Teresa Ruiz shared their support of programs that help close the gaps in generational wealth that affect so many families of color.

We recognize that financial literacy in certain zip codes is something that's so far beyond.

Starting to teach financial literacy at a time when children are just imagining their first days of school, bringing in families that perhaps don't understand how critical it is for us to live within our means and to make the dollar stretch as best as possible, to save some money and figure out what are the best investments.

The earlier they know, the more that they can comprehend along the way and start saving from smaller and understand the concept of holding money and not just spending money.

By supporting Newark Saves, we reinforce our strategy to build bridges to financial security for generations, both locally and globally.

Giving opportunities for young people when they come into this world to have a fighting chance and the superintendent and Newark Saves is giving young people in our city the opportunity to do that.

Hopefully we can get some other people to join Prudential in adding some more money to help our babies realize their dreams because college is becoming more and more expensive.

Now during the press conference, executive staff in Newark pledged more than $8,000 to the Newark Saves program and Alamo Insurance, which is a Newark-based company, pledged an additional $10,000.

The district is hoping to see more outside support like this so they can expand the impact they're hoping to have.

In Newark, I'm Joanna Gagis, NJ Spotlight News.

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