On Tax Day, Governor Newsom encourages families to claim free college savings, invest in their children’s future

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California also encourages families to take advantage of federal resources such as Trump Accounts, which puts $1,000 toward children’s future investments – such as college, a first home, or starting a business one day.

About CalKIDS

The California Kids Investment and Development Savings Program (CalKIDS) was launched in 2022 by Governor Newsom with a clear mission: to help jumpstart college savings for children statewide by awarding scholarship accounts to youth across the state.

Administered by the State Treasurer’s Office, CalKIDS takes the initiative by automatically offering children born in California and eligible public school students in California a CalKIDS Scholarship Account, along with other potential financial incentives.

Since CalKIDS launched in 2022, over 5.6 million CalKIDS accounts have been established and funded with over $2.3 billion to date. Over 880,000 accounts have been claimed. To date, the program has supported 151,000 California students attending school with $82.2 million distributed.

CalKIDS invests up to $1,500 for school-age children:

• $500 Automatic Deposit: Eligible low-income public school students in grades 1-12.

• $500 Additional Deposit: Eligible foster youth.

• $500 Additional Deposit: Eligible homeless youth.

Up to $100 for newborn children:

• $100 Automatic Deposit: Every eligible child born on or after July 1, 2023.

• $25 Additional Deposit: Those who claim their CalKIDS Scholarship Account – use the program’s online portal.

• $50 Additional Deposit: Those who link a new or existing ScholarShare 529 account to the CalKIDS account.