CalKIDS college savings program launches

The California Kids Investment and Development Savings (CalKIDS) Program has launched, which will provide newborns and eligible low-income public school children in California an initial deposit plus other financial incentives to help them save for higher education. The program was enacted as part of the budget in 2017 (AB 134 (Ch. 17-254)) and expanded by AB 132 (Ch. 21-144) last year.

All babies born in California on or after July 1, 2022, will receive up to $100 in a college savings account. Additionally, eligible low-income public school students may qualify to receive up to $1,500 in college savings for their future. CalKIDS accounts can also be linked with new or existing §529 accounts.

CalKIDS funds can be used at eligible educational institutions nationwide and some abroad, including community colleges, universities, vocational and professional schools. The funds in a CalKIDS account can be used to pay for qualified higher education expenses, such as:

  • Tuition and related fees;
  • Books and required supplies;
  • Certain room and board costs; and
  • Computer equipment.

For more information, see: