A total of 400 Alameda County families received financial funding Tuesday through the state’s CalKids program to pay for their children’s college educations.
CalKids was an initiative launched by the state with the goal of opening savings accounts for children born on or after July 1, 2022.
“This is a new state program that provides California families with free money from the state for all newborns and low-income students to invest and use for higher education costs,” said Julio Martinez, executive director of the ScholarShare Investment Board “
How the Calkids Program Works
Each low-income child who attends grades one through twelve in a public school can receive up to $1,500 to pay for their education. Newborns born on or after July 1, 2022 are also eligible to open an account of up to $100.
“Very simple. The university accounts we have created in these students’ names are already created, we just need the families to register on calkids.org and there they can see their balance”, Martinez pointed out. Gave.
How to know if your child is eligible for this program
The state government has identified those who qualify for the data provided by the health department or the education department.
“Go to calkids.org to see if you qualify, and as I told you, all of these accounts are already created with information from the state of California,” Martinez said.
Additionally, if a minor has a ScholarShare 529 savings account, they can link it to CalKids without penalty and receive the incentive.
“They can be more informed about how they can save or use that money when the time comes and their children attend college,” Martinez said.
According to state statistics, college education is often delayed or interrupted by tuition costs. However, when about $500 is saved for each child’s education, their chances of enrolling in college triple and their chances of graduating quadruple.
“We’ve invested that money so hopefully it will grow and be used over time when they enroll in university or college,” Martinez said.
The money will be available when the minors are ready for their higher education and they will have time till the age of 26 to take advantage of it. This financial assistance will be tax free.