California Officially Launches Nation’s Largest College Savings Program for Millions of Students and All Newborns

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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 investments of startup between $500 and $1,500. The CalKIDS program, launched today, is investing $1.9 billion in accounts for low-income school-aged children in grades 1 through 12 and newborns born on or after July 1, 2022.

“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. “With up to $1,500, we’re transforming lives, igniting student mindsets, and creating generational wealth for millions of Californians.”

“I’m proud and excited to finally see CalKIDS in action,” said Assemblyman Adrin Nazarian. “My goal with this program was to bridge the gap between wealth inequality and the high cost of education. CalKIDS will expand college access through savings by providing every child born in the state from California a start-up deposit in a ScholarShare 529 college savings account. additional deposits will be made for low-income freshmen across the state, with additional deposits for foster and homeless youth.Our shared vision ensures that every child in the state will have an opportunity in higher education. »

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Governor Newsom Launches CalKIDS at State Comptroller’s Office

Up to $1,500 for 3.4 million school-aged children:

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

Up to $100 for newborns:

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

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

To learn more, visit the CalKIDS website and FAQ.

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