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California offers free money for college. Less than 20% of kids in LA County have claimed it
Eligible public-schools students can claim up to $1500 in an investment account to use for college.
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Courtesy CalKIDS
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CalKIDS
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The federal financial aid process opened this past week for students applying to college for next year. But for many California students, a source of state financial help remains untapped.
In 2022, the state launched the California Kids Investment and Development Savings Program, also known as CalKIDS, and began creating investment accounts for more than 6 million children in the state to use for higher education.
Babies born on or after July 1, 2022, can get up to $175 in their accounts, while low-income public school students can claim up to $1500.
In Los Angeles County, about 1.1 million public school students are eligible for the accounts, but fewer than 20% of kids have claimed them, said Cassandra DiBenedetto, executive director of California’s ScholarShare Investment Board. The claim rate is even less for babies — about 11%.
“The money itself, it has a long trajectory. So you have these newborns, and there's not a sense of urgency among some parents; they know the account's there, it’s been created. Parents are busy,” DiBenedetto said.
There is no deadline to claim the money, which is already growing in the investment accounts. (You do have to use the money by age 26). But DiBenedetto says kids are more likely to see themselves as college-bound if they have it — and will be able to watch the account grow over time.
“ You talk to second-and third graders who are like, ‘I'm gonna go to UC Santa Barbara,’ ‘I'm gonna go to Cal Berkeley,’” she said.
The state is working with the Los Angeles Unified School District and other school districts to get students signed up.
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How to sign up
You can go to CalKIDS.org to see if you or your child are eligible.
- For babies born or on after July 1, 2022, you’ll put the Local Registration Number (LRN) found on their birth certificate.
- For public school students, they’ll need their Statewide Student Identifier (SSID), which can be found on transcripts and report cards. You can also call the school to find out what that number is.
Read more here: https://laist.com/news/education/money-college-trade-school-scholarship-calkids-financial-aid
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