California Officially Launches Nation’s Largest College Savings Program for Millions of Students and All Newborns
SACRAMENTO – Today, 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 today, 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.
“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,” said 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.”
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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.