California’s CalKIDS Program: A Financial Boost for Future College Students
As the costs of college education continue to rise, financial assistance remains a crucial concern for many families across California. In a bid to alleviate these financial burdens, the state has introduced the CalKIDS program, a scholarship initiative aimed at fostering college savings and accessibility to higher education.
CalKIDS, which stands for California Kids Investment and Development Savings Program, is designed to provide financial assistance to low-income students in grades one through twelve. Eligible students receive an initial deposit of 0 into a CalKIDS account, with an additional 0 available for those who are homeless or are part of the foster care system. Moreover, the program extends its benefits to eligible English language learners, ensuring that financial aid is more inclusive.
Ana Hernandez, a parent of two daughters, shared her positive experience with the program, revealing that her children have amassed over ,200 in their CalKIDS accounts. “Every little bit counts,” she expressed, infused with optimism for her daughters’ futures. The program enables families like hers to build a financial foundation that supports college aspirations.
Assistance in navigating the CalKIDS program is readily available at schools, as demonstrated by Chollas Mead Elementary, where community outreach efforts included a resource fair focusing on the scholarship program. Karina Piña-Armas, the school’s community schools coordinator, reported that families claimed over ,000 during this event. “I think what this has done is given them exposure to the potential of them going to college,” Piña-Armas noted, highlighting a shift in mindset among families who may have previously prioritized immediate survival over long-term educational goals.
CalKIDS savings can remain in the account, accruing interest, or can be transferred to a ScholarShare 529 account, which allows for additional contributions. Funds can be utilized for essential college expenses such as tuition, books, and necessary equipment. “These funds are not limited to California institutions; families can use them at universities across the nation,” said Cassandra DiBenedetto, executive director of the ScholarShare Investment Board.
Starting in the current academic year, high schools are mandated to disseminate information about CalKIDS scholarships to students applying for federal student aid or the California Dream Act. This initiative aims to ensure that all eligible students are informed about their financial opportunities.
The program also includes provisions for younger children regardless of family income. Babies born in California between July 2022 and June 2023 automatically qualify for a scholarship, with those born after July 1, 2023, eligible for 0. Furthermore, families can claim an additional once they log into their CalKIDS accounts, providing an encouraging incentive for early financial planning.
For more information on eligibility and how to claim funds, families can visit calkids.org. The CalKIDS program represents a proactive step by the state of California to not only support financial literacy but also to empower families to envision a future where college is a realistic and attainable goal.
