The last thing I want is to be remembered as “the guy who gives out the worst Halloween candy.”
California is giving new parents a jump start on their child’s college savings account.
Thanks to the California Kids Investment and Development Savings Program, or CalKIDS, babies born on or after July 1, 2022 in the state of California have a scholarship worth up to $175 waiting for them.
Signing up for the CalKIDS Scholarship is easy and comes at no cost to the parent.
In order to sign up, parents (or guardians) must include the county where the child was born, the date they were born and the 13-digit Local Registration Number (LRN) on the child's birth certificate.
Children born between July 2022 and June 2023 automatically receive $25 in their CalKIDS Scholarship Account, while those born on or after July 1, 2023 receive a total of $100 in the account.
An extra $25 is added to all accounts once the CalKIDS Scholarship is claimed.
Parents can also earn an extra $50 for their child by linking their CalKIDS account to a 529 college savings plan — in this case, a ScholarShare 529 account.
A 529 college savings plan is a state or educational institution-sponsored investment account that offers tax advantages for saving for future education expenses, per the IRS.
Parents are urged to wait up to 90 days after the child’s birth before claiming the scholarship. Once claimed, parents can link their ScholarShare 529 account to their CalKIDS Scholarship.
"That’s up to $175 already invested in a child’s future, long before applications, admissions essays or financial aid forms come into play," CalKIDS said in a news release, per East County Magazine.
According to CalKIDS, funds can be used to cover education expenses such as tuition and fees, books and supplies, room and board and computer equipment.
California students are also eligible for a CalKIDS Scholarship
The CalKIDS program is a California initiative that provides start-up college and career savings accounts for eligible newborns and public school students.
In addition to the scholarship account for newborns and toddlers, the program also offers awards for two groups of California public school students:
- Public school students enrolled in grades 1-12 during the 2021-2022 academic year
- Public school students enrolled in the 1st grade during the 2022-2023 academic year and every school year thereafter
Students must’ve been enrolled on Fall Census Day and either identify as an English learner or be considered low-income by the Local Control Funding Formula.
To sign a student up, parents (or guardians) must include the county where the student attended school, the date the child was born and their 10-digit Statewide Student Identifier (SSID).
CalKIDS offers $500 to students who are low-income, English learners, foster youth or homeless youth.
More than 700,000 families have already claimed a scholarship, according to CalKIDS’ official Instagram account.
"By giving every child in California a first scholarship, CalKIDS brings that opportunity to families from day one and makes the path to higher education more attainable for millions,” the news release stated.
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The CalKIDS program, which was launched in 2022, is administered by the ScholarShare Investment Board and Chaired by State Treasurer Fiona Ma.
