State Launches CalKIDS Initiative to Help Children Save for College
As mentioned above, kids born in California on or after July 1, 2022 are eligible for this program.
CalKIDS is also available for newborns and their first state deposit consists of $25. Children in grades 1-12 receive a $500 deposit.Enrollment is automatic and eligible children are identified by the California Department of Public Health and the California Department of Education. The funds in these accounts can be used for tuition, books, supplies, some room and board costs and computer equipment.
Funds can be used at eligible community colleges, universities, vocational and professional schools in the U.S. and some abroad institutions as well.If parents want to contribute to a child's account they have to do so via aParents and family members are not required to contribute to a CalKIDS account, but are encouraged to do so to help save more money for future expenses.
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