Few Families Have Accessed Their Children’s State Savings Accounts

Millions of parents whose children are eligible for $500 to $1500 in college savings have failed to access the money due to a lack of awareness or confusion about the state program.

The California Kids Investment and Development Savings program (CalKIDS) was established in August of 2022. The program set up savings accounts with $500 in state money for each low-income student enrolled in grades 1-12 during the 2021-22 school year or in first grade during the 2022-23 school year. Foster youth and homeless students receive an extra $500 each. 

According to a March 6 update, just 8.3% of the 3.6 million eligible families have accessed the savings account.

With the state lacking resources to inform enough parents, some school districts are trying to spread the word. The Fresno Unified School Board has approved a campaign to raise awareness about CalKIDS. Currently, just 6.64% of eligible FUSD students have claimed their accounts.

Read more at EdSource


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Technology

Thursday, March 28, 2024 - 09:07

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