SACRAMENTO, Calif. (KERO) — California has officially launched the nation’s largest college savings program for millions of students and all newborns.
Wednesday all families of low-income public school students – 3.4 million across the state – can now access college savings accounts created in their children's names with seed investments of between $500 and $1,500.
The State of California is proud to announce the launch of the California Kids Investment and Development Savings Program (CalKIDS). CalKIDS gives children in California a jump start on saving for college or career training. To be eligible for CalKIDS, participants must be:
Born in California on or after July 1, 2022; or
An eligible low-income public school student in grades 1-12* in California.
All participants receive a seed deposit in a CalKIDS account to help pay for future education after high school.
“California is telling our students that we believe they’re college material – not only do we believe it, we’ll invest in them directly,” said Governor Newsom. “With up to $1,500, we’re transforming lives, generating college-going mindsets, and creating generational wealth for millions of Californians.”
“I am proud and excited to finally see CalKIDS in action,” added Assemblymember Adrin Nazarian. “My goal with this program was to bridge the gap between wealth inequality and the high cost of education. CalKIDS will expand access to college through savings by providing each child born in the state of California a seed deposit in a ScholarShare 529 college savings account. Furthermore, thanks to Governor Newsom’s investment and expansion of the Program to make college more accessible to low-income California kids, additional deposits will be made for low-income first graders across the state, with supplemental deposits for foster and homeless youth. Our shared vision ensures each child across the state will have an opportunity at higher education.”
For more information on the program and to activate your account visit CalKIDS.