CalKIDS is a new program from the State of California that provides up to $1,500 in free money for college to eligible public school students. CalKIDS can help families boost their children’s college savings and increase access to higher education. 

Making Higher Education More Accessible for Eligible Families

The State of California has made college more accessible for millions of children in the state with the launch of the California Kids Investment and Development Savings Program (CalKIDS).

 Automatically, every eligible low-income public school student in grades 1-12 in California will have a CalKIDS account created in their name with an initial seed deposit ranging from $500 to $1,500. The program is administered by the ScholarShare Investment Board, a California state agency that oversees ScholarShare 529, the State’s official 529 college savings plan. 

CalKIDS is the largest children’s savings account (CSA) program in the nation, serving an estimated 3.4 million low-income public school students currently in the State of California. Over time, funds in a CalKIDS account can grow tax-free and be used for future higher education expenses, such as tuition, books, and computers. When the student is ready to use their savings to pay for any qualified higher education expense, they can easily redeem their funds, including any earnings, from their CalKIDS account.

Money provided through the CalKIDS program can be used at eligible education institutions, including four-year colleges and universities, community colleges, technical schools, or accredited institutions. CalKIDS participants and their families can also establish and contribute to individual ScholarShare 529 accounts, where they can contribute and start saving early.

To learn more about the program, visit CalKIDS.org.

ScholarShare 529

ScholarShare 529 serves as California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. To open a ScholarShare 529 account or get more information about the plan, visit www.scholarshare529.com.