BAKERSFIELD, Calif. (KERO) — CalKIDS is providing every child born after July 2022 with a scholarship account already opened in their name. Totaling close to $175 to get your child prepared for their future goals and dreams.”
Imagine your child starting life with scholarship account for higher education already in place. CalKIDS is a program that started in 2022 and was meant to help students and parents in California prepare for their future. This program is offering a scholarship account for all newborns and families to jump start their savings for their education.
The organization currently has more than 5 million children enrolled in the program. With a state investment of 2 billion dollars, all these children will have a head start in preparing for higher education
Cassandra DiBenedetto Executive Director with the Scholarship Board for CalKIDS said "One of the ideas behind the CalKIDS program was as a state we wanted to make an investment into our children. Not only do we believe they will be able to go to college or career training after school but we want to ensure that investment."
Parents across the state have already started to claim their savings account for their child. Kern County residents have close to 2 million dollars for their children alone.
Emellia Zamani CalKIDS Recipient said "Being a single mom any amount of money for my son’s future is welcomed. I really appreciate the flexibility of the program, I know not every kid is destined for a traditional four year school. I have family members who went to trade school and even became entrepreneurs so I am thankful for the flexibility the program provides."
According to the research provided by CalKIDS children with a minimum amount of savings in their name towards college are three times more likely to attend and four times likely to finish. The account can be accessed by submitting your child's birth certificate number at CalKIDS.org
"It’s an invested account which receives compounded interested added to it. It starts at an amount up to $175 and that amount grows with your child." said DiBenedetto
Parents can link a personal ScholarShare 529 College Savings Account to their child’s CalKIDS Scholarship Account to continue saving for future education expenses. While CalKIDS provides an initial state-funded scholarship, families who open a 529 Account can share their unique ScholarShare 529 link with friends and family to make contributions toward their child’s families saving for higher education. Together, steady deposits compound into bigger interest earnings — building a stronger financial foundation for your child.
Zamani said "I think it’s amazing because we don’t need 10 different stuffed animals. I've received a lot of hand-me-down clothes, he doesn’t need any more outfits. This is something really tangible. I know it’s more fun seeing him unwrap something but this is pretty awesome it’s so helpful. It’s also really easy to access."
Children are already registered when they are born all you have to do as a parent is claim their account.
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