CalKIDS college program can make higher education more accessible

County office of ed reports program under utilized in inyo

Figuring out how to pay for college can be tough, especially for families with limited resources.

Fortunately, the state of California has a program

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that could make college a reality for millions of children in the state.

The California Kids Investment and Development Savings Program (CalKIDS) started in 2022 and has been underutilized in Inyo County.

CalKIDS is a program administered by the ScholarShare Investment Board, an agency of the state of California. This program automatically provides eligible low-income public school children in grades 1-12 with the tools to start saving for college, including an initial seed deposit in a college savings account.

The state of California created the program to expand access to higher education and encourage families to jumpstart saving for college and other forms of career training, regardless of household income.

Money provided through the CalKIDS program can be used at eligible education institutions, including four-year colleges and universities, community colleges, technical schools, or accredited institutions.

CalKIDS participants and their families can also establish and contribute to individual ScholarShare 529 accounts, where they can contribute and start saving early.

Kids in grades 1-12 may receive up to $1,500 in college savings

The state of California will offer eligible lowincome public school students the following awards in a CalKIDS account to save for higher education:

•$500 automatic deposit for eligible lowincome public school students enrolled in 1st through 12th grade.

• $500 additional deposit for eligible students identified as foster youth

• $500 additional deposit for eligible students experiencing homelessness

Over time, funds in a CalKIDS account can grow tax-free and be used for future higher education expenses, such as tuition, books and computers. When the student is ready to use their savings to pay for any qualified higher education expense, they can easily redeem their funds, including any earnings, from their CalKIDS account.

“Financial concerns shouldn’t stand in the way of a student furthering their education after high school,” Inyo County Superintendent Barry Simpson said. “Research shows that children with $500 or less saved for college are three times more likely to enroll in college and four times more likely to graduate than children without college savings accounts. We believe in the continuing advantages of attending a college or a trade school, the positive difference it will make in lives, and think every child in Inyo County deserves this opportunity.”

To learn more about the program, visit CalKIDS. org.