BAKERSFIELD, Calif. (KGET) — Wednesday, Governor Gavin Newsom announced millions of kids now have college money in their names through a statewide initiative called California Kids Investment and Savings Development Program (CalKIDS).
“It’s official. 3.4 MILLION CA kids now have a college savings account in their name!” Newsom tweeted.
Through the program, students can get up to $1,500 and newborns can get up to $100.
To qualify, kids must be either:
- Born in California on or after July 1, 2022; or
- An eligible low-income public school student in grades 1-12* in California (as defined by the Local Control Funding Formula).
Parents of newborns get a starting seed fund of $25. Those that register through the online portal can get an additional $25 for their child’s seed fund, according to the website. Those who link the new account to an existing 529 college savings account also get an additional $50.
Students in low-income eligible public schools can get a starting fund of $500 . Those in foster care can get an additional $500 and those who are homeless can get an additional $500.
“Education is the gateway to opportunity for all California kids. Once a mind is stretched, it can never go back,” Newsom said on the program website.
To get started or learn more, visit the CalKIDS website.