The California Kids Investment and Development Savings Program (CalKIDS) is making strides in providing eligible low-income public school students in California with the means to save for college. The program, administered by the ScholarShare Investment Board, has been designed to encourage families to invest in higher education regardless of their household income.
Julio Martinez, Executive Director of the ScholarShare Investment Board, emphasized the importance of financial support for college education, stating, “Financial concerns shouldn’t stand in the way of a college education for California families.” He highlighted research findings that show children with even $500 saved for college are more likely to enroll and graduate from college.
Students in grades 1-12 enrolled in the CalKIDS program can receive up to $1,500 in college savings. This includes an initial $500 deposit, with additional deposits of $500 each for students identified as foster youth and homeless youth. The funds in a CalKIDS account can accumulate over time to cover various higher education expenses such as tuition, books, supplies, and computer equipment.
When students are ready to use their savings for qualified higher education expenses, they can easily access and redeem the funds from their CalKIDS account. The program aims to support students in pursuing higher education and preparing for their future careers.
To learn more about the CalKIDS program and its benefits, individuals can visit CalKIDS.org. Additionally, interested participants can access the Program Information Guide on the website to learn more about the program or choose to opt-out if they wish.
CalKIDS participants are also provided with the option to establish individual accounts with ScholarShare 529, California’s 529 College Savings Plan, for further investment in their educational pursuits.