Savings

The new CalKIDS program has created college savings accounts for students

More than three million California students just received an automatic $500 investment to pursue higher education because the state created accounts to help kids save for college from the day they were born . The CalKIDS program launched by the state on Thursday is the largest college savings program in the nation and aims to help low-income public school students across the state. “The program is designed to, of course, help them start their own savings. is to inspire these families to save money on their own and watch those funds grow over time. By the time they are old enough to go to college or pursue other post-secondary opportunities, the money is there, hopefully it’s grown and can be used,” said Julio Martinez of the ScholarShare Investment Board. that the goal of this nearly $2 billion program is to encourage more children to continue their education after high school.” The message the State of California sends to all children in California is that you too can pursue your dreams of higher education and not let money become the only obstacle preventing you from doing so,” Martinez said. Who is entitled to the money? And how much will they receive? Find out if your child is eligible here. Each child born on July 1 this year can receive up to $100. Those currently in grades 1-12 are also eligible. Eligible low-income school children will automatically receive $500. The state will add an additional $500 if the child is in foster care, then an additional $500 if the child is homeless. How do I view my CalKIDS account? Low-income students must enter three pieces of information. You must have the student’s date of birth, the county where they attend school, and their statewide student identified. If you don’t have it, the school should. How do I apply for CalKIDS funding? For babies born July 1 or later, you can register online. Learn more here. You must enter their date of birth, the county where they were born, and the local registration number on the birth certificate. When can you get the money? Students can withdraw the money once they turn 17 to pursue college or trade school. The money can be used for tuition, books, and other education-related expenses. contribute to their CalKIDS account? No, since this is a state-owned account, parents cannot contribute. But there are things they can do to increase the state’s investment in their child. For babies born July 1 or later, the state automatically deposits $25. If parents register their child on the account, they receive an additional $25. And if you link a new or existing Scholar Share 529 account to the CalKIDS account, they can get an additional $50. All of this would bring them to an investment of $100. More information can be found here. CalKIDS will also send notification letters to eligible children and families with more information. “California tells our students that we believe they are college stock – not only do we believe that, but we will invest in them directly,” Governor Newsom said. in a statement Thursday. “With up to $1,500, we’re transforming lives, igniting student mindsets, and creating generational wealth for millions of Californians.”

More than three million California students just received an automatic $500 investment to pursue higher education because the state created accounts to help kids save for college from the day they were born .

The CalKIDS program launched by the state on Thursday is the largest college savings program in the nation and aims to help low-income public school students across the state.

“The program is designed to, of course, help them start their own savings. It’s really an initial amount, what we hope these funds will do is inspire these families to save money on their own- themselves and to see those funds grow over time.When they are old enough to go to college or pursue other post-secondary opportunities, the money is there, hopefully it has grown and maybe useful,” said Julio Martinez of the ScholarShare Investment Board.

The state said the goal of the nearly $2 billion program is to encourage more children to continue their education after high school.

“The message that the State of California sends to all children in California is that you too can pursue your dreams of higher education and not let money be the only obstacle standing in your way,” Martinez said.

Who is eligible for the money? And how much will they get?

Find out if your child is eligible here.

Each child born on July 1 of this year can receive up to $100. Those currently in grades 1-12 are also eligible.

Eligible low-income school children will automatically receive $500. The state will add an additional $500 if the child is in foster care, then an additional $500 if homeless.

How do I view my CalKIDS account?

Low-income students must enter three pieces of information. You must have the student’s date of birth, the county where they attend school, and their statewide student identified. If you don’t have that, the school should.

How do I apply for CalKIDS funding?

For babies born July 1 or later, you can register online. Learn more here.

You must enter their date of birth, the county where they were born, and the local registration number on the birth certificate.

When can you get the money?

Students can withdraw the money once they turn 17 to pursue college or trade school.

The money can be used for tuition, books, and other education-related expenses.

The state did not have an accurate estimate of how much money the students would have, as it depends on the market and how long the money stays in the account.

Can parents contribute to their CalKIDS account?

No, since this is a state-owned account, parents cannot contribute.

But there are things they can do to increase the state’s investment in their child. For babies born July 1 or later, the state automatically deposits $25.

If parents register their child on the account, they receive another $25. And if you link a new or existing Scholar Share 529 account to the CalKIDS account, they can get an additional $50. All of this would bring them to an investment of $100.

More information can be found here. CalKIDS will also send notification letters to eligible children and families with more information.

“California tells our students that we believe they are college stock — not only do we believe that, but we will invest in them directly,” Governor Newsom said in a statement Thursday. “With up to $1,500, we’re transforming lives, igniting student mindsets, and creating generational wealth for millions of Californians.”