California students receive College Savings Funds starting this year!
Did you know that every 1st grader in California will have a College Savings Fund to encourage and help public school students go to college? Governor Newsom and San Francisco Mayor London Breed have established CalKids creating a pathway to college. All children born in California after July 1st will have savings accounts opened for them. Every newborn will receive $25 as a base deposit. All students grades 1-12 will also have savings accounts opened on their behalf – low income students receiving $500 and homeless and foster children receiving an additional $500 – if they choose to go to college.
3.5 million public school students will get these college-fund accounts this year, and 300,000 new students will get accounts each year after. It is the first publicly funded universal child savings account program in the country.
Now this will give students hope and incentive to stay in school and go to college!