A unique program in California offers families up to $1,500 in free money if they meet at least three criteria. The California Kids Investment and Development Savings Program, or CalKIDS, aims to help young residents in the Golden State with tuition costs.
Program Overview
CalKIDS is designed to make higher education more attainable for families across California. Noah Lightman, CalKIDS manager of children’s savings account initiatives, emphasized the program’s goal of encouraging parents to think about their child’s educational future from an early age. Research indicates that children with savings accounts are more likely to consider attending higher education.
Eligibility Criteria
To qualify for the funds, children must:
- Reside in California.
- Be born on or after July 1, 2022.
- Certain low-income families with children born before this date may also qualify.
Eligible families can confirm their eligibility on the CalKIDS website by answering questions regarding the child’s age and residency.
Claiming the Account
After verifying eligibility, parents need to create a claim account with CalKIDS. For newborns, they must provide the county of birth, birthdate, and either a birth certificate or a 13-digit Local Registration Number. For current students, information required includes the county they attend school in, birthdate, and a 10-digit Statewide Student Identifier. A video tutorial is available for additional guidance.
Payment Distribution
The distribution amounts vary based on the child’s birthdate and the family’s financial situation. Eligible children born on or after July 1, 2022, will receive at least $175. Low-income students or newborns can receive up to $1,500. The funds can be used at any two-year, four-year, private, public, in-country, or out-of-country universities. Apprenticeship programs and vocational schools also qualify.
CalKIDS is a significant step towards making higher education accessible for all families in California. The program offers substantial financial assistance to help parents plan for their children’s educational future, ensuring that higher education remains within reach.