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The California Kids Investment and Development Savings Program (CalKIDS) offers financial aid for higher education, yet it remains underutilized in Los Angeles County.
The program, launched in 2022, provides investment accounts for over 6 million children in California to help cover college expenses. Babies born on or after July 1, 2022, can receive up to $175, while low-income public school students can claim up to $1,500.
Despite these benefits, fewer than 20% of eligible public school students in Los Angeles County have claimed their accounts, according to Cassandra DiBenedetto, executive director of California’s ScholarShare Investment Board. For babies, the claim rate is even lower, at about 11%.
CalKIDS funds can be used at accredited educational institutions across the country, including community colleges, universities, and vocational schools. However, many students face challenges in accessing these funds. Lauren Coburn, director of student financial services at Santa Rosa Junior College, noted that the program's newness and the additional steps required to claim funds contribute to the low participation rate.
Students can determine their eligibility for CalKIDS funds by visiting CalKIDS.org and entering basic educational history information. Eligible students must create an account and complete an online claim process to access funds for college-related expenses such as books and tuition.
Efforts are underway to increase awareness and participation in the program, with outreach initiatives and webinars planned to help families navigate the process. The state continues to encourage eligible families to claim their funds to help reduce the cost of higher education.