New York’s Game-Changing Education and Savings Laws: What You Need to Know!

Easier College Savings with Expanded 529 Accounts

A new law makes it easier for parents to save for their children's college education. It allows 529 college savings accounts to be used for paying off education loans and transferring funds to Roth IRAs. This update aligns New York State’s rules with federal laws and offers more ways to use saved money. Research shows that having college savings can increase the likelihood of attending college.

State Senator Toby Ann Stavisky and Assemblymember John T. McDonald III supported the bill, highlighting its benefits in making college savings and loan payments more manageable.

Student Voices on School Boards

New legislation also requires all school districts with high schools to include at least one non-voting student member on their board of education. The new rule removes the need for a referendum and the requirement for the student to be a senior, only needing to have attended the high school for at least a year.

State Senator Shelley B. Mayer and Assemblymember Carrie Woerner championed this bill, aiming to give students a voice in school decisions and valuable civic engagement experience.

Syracuse High School Gets a New Name

In addition, a new law renames the Syracuse Comprehensive Education and Workforce Training Center to the Syracuse Science, Technology, Engineering, Arts, and Mathematics (STEAM) High School. This name change reflects the school’s focus on STEAM education.

State Senator Rachel May and Assemblymember William Magnarelli supported this change, which aims to better prepare students for careers in high-demand fields, particularly in the growing semiconductor industry.

These new laws enhance educational opportunities and support for students and families across New York State.