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Free College Saving Accounts - CalKIDS

Free College Saving Accounts - CalKIDS

Phone number
1 (888) 445-2377
Category
Children
Student
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Eligibility
California public school students identified as eligible through the Local Control Funding Formula and newborns born in California
Auto Summary
The California Kids Investment and Development Savings Program (CalKIDS) provides eligible participants with college savings accounts, including seed deposits for future higher education expenses. Participants can also establish accounts with ScholarShare 529. Eligibility is determined by the Local Control Funding Formula, and information is sourced from the California Department of Education. Important investment risks and penalties for non-qualified withdrawals are outlined, and the program is managed by TIAA-CREF Tuition Financing, Inc.
Value
Free college savings accounts with seed deposits to help pay for future higher education expenses
Espanol
Cuentas de ahorro universitario gratuitas - CalKIDS - CalKIDS es un programa del estado de California que ofrece cuentas de ahorro universitario gratuitas con depositos iniciales para ninos elegibles. Los recien nacidos y estudiantes de escuelas publicas de bajos ingresos pueden calificar para recibir fondos para futuros gastos de educacion superior.
URL
https://calkids.org/
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The California Kids Investment and Development Savings Program (CalKIDS) is a children’s savings account program, administered by the ScholarShare Investment Board, an agency of the state of California. CalKIDS will provide eligible participants with college savings accounts, including seed deposits and other potential incentives, to help pay for future qualified higher education expenses. To learn more about CalKIDS or opt out of the program entirely, please see the Program Terms and Conditions at CalKIDS.org.
CalKIDS participants may also establish individual accounts with ScholarShare 529, California’s 529 College Savings Plan.
Student eligibility is defined by the Local Control Funding Formula. The ScholarShare Investment Board has received your information from the California Department of Education as an eligible participant of the program.
For more information about the ScholarShare College Savings Plan, visit ScholarShare529.com or click here for a Plan Description which includes investment objectives, risks, charges, expenses, and other important information. Read and consider it carefully before investing.
Please note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You should also consult your legal or tax professional for tax advice based on your own circumstances. Investments in the plan are neither insured nor guaranteed and there is the risk of investment loss.
If the funds aren’t used for qualified higher education expenses, a 10% federal penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.
The ScholarShare College Savings Plan is offered by the State of California. TIAA-CREF Tuition Financing, Inc. (TFI), program manager. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the ScholarShare College Savings Plan.
The Plan Web site contains links to other Web sites. Neither the Plan nor TFI and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.
All social media platforms are managed by the State of California.