CA Launches College Savings Program for Millions of Students and All Newborns

SACRAMENTO – On Aug. 16, 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 CalKIDS program, launched Aug. 16, invests $1.9 billion into accounts for low-income school-age children in grades 1-12 and for newborn children born on or after July 1, 2022. 

Find out if you’re receiving money HERE.

Up to $1,500 for 3.4 Million School-Age Children:

• $500 Automatic Deposit: Eligible low-income public school students in grades 1-12.
• $500 Additional Deposit: Eligible low-income public school students in grades 1-12 identified as foster youth.
• $500 Additional Deposit: Eligible low-income public school students in grades 1-12 identified as homeless.

Up to $100 for Newborn Children:

• $25 Automatic Deposit: Every eligible child born on or after July 1, 2022.
• $25 Additional Deposit: Those who register on the program’s online portal.
• $50 Additional Deposit: Those who link a new or existing ScholarShare 529 account to the CalKIDS account.

Californians can begin accessing their accounts via the online portal now. In the coming months, CalKIDS will send notification letters to qualifying children and families with more information. 

Details: To learn more, visit the CalKIDS website and FAQ.