Accessing higher education in the United States is not cheap, so many students have to resort to loans or credit at some point in their lives. To address this significant need, CalKIDS was created. It’s a free savings program that provides California children with up to $1,500 for college and vocational education. This assistance requires no application, and the funds increase until the child turns 17.
“The state of California believes in them by providing them with a scholarship from the start”
This plan is designed for children born in California on or after July 1, 2022, and for low-income students in grades 1-12 at a California public school. “The state of California believes in them by providing them with a scholarship from the start,” explained spokesperson Humphrey Manacsa. For complete details, you can confirm your child’s eligibility using the CalKIDS Eligibility Tool. Income eligibility rules are established by the California Local Control Funding Formula.
Once the student turns 17, they can use the account to pay for qualified higher education expenses
Manacsa said, “We are trying to promote financial literacy as early as possible and generate a positive impact on the lives of all these students.” At least $2 billion has been invested in the CalKIDS savings program by several California counties, according to CBS affiliate KFMB-TV. All eligible children have a CalKIDS savings account created in their name. Students and parents can increase these savings over time. Then, once the student turns 17, they can use the account to pay for qualified higher education expenses.
To help children begin saving for college, all children born on or after July 1, 2022, will receive up to $175
Specifically, CalKIDS aims to provide every child in the state with a financial boost to help them get a head start on their education for the rest of their lives. To help children begin saving for college, all children born on or after July 1, 2022, will receive up to $175. Additional funds are available for low-income, foster, and homeless youth. This is especially important because college degrees can nearly double an American’s lifetime earnings, according to data from the National Association of Independent Colleges and Universities (NAICU).
When parents claim their child’s CalKIDS account on the online parent portal, they will receive an additional one-time deposit
On the other hand, children born on or after July 1, 2023, will receive an initial deposit of $100. In San Diego, by the way, $8 million was recently allocated, meaning that CalKIDS has quickly become “the fastest and easiest scholarship any student can get in California,” according to spokesperson Humphrey Manacsa. As for claiming the money, when parents claim their child’s CalKIDS account on the online parent portal, they will receive an additional one-time deposit of $25.
Eligible students identified as foster youth will receive an additional one-time deposit of $500
On the other hand, low-income students in grades 1-12 enrolled in California public schools will automatically receive CalKIDS accounts starting in the 2021-2022 academic year. These accounts will include an initial deposit of $500. Additionally, eligible students identified as foster youth will receive an additional one-time deposit of $500, and eligible students identified as non-hosted will also receive an additional one-time deposit of $500.
This is a form of support for the higher education of future generations
Finally, funds in a CALKids account can be used for tuition and fees, books and necessary materials, and computer equipment. The requested funds are sent directly to the institution designated by the student and are treated as a scholarship. Ultimately, this is a form of support for the education of future generations. If you have any questions, it is advisable to consult official sources of information to avoid errors or misunderstandings.
