Thousands of Central Valley kids eligible for free money for higher education through CalKIDS

FRESNO, Calif. (KFSN) -- There are hundreds of thousands of kids across California who qualify for free money for college and haven't claimed it.

The California Kids Investment and Development Savings Program (CalKIDS) is waiting for those kids to take advantage of its program.

"The concept is how can the state make college more attainable for more families across the state," Manager of Children's Savings Account Initiatives Noah Lightman said.

It was first launched in the summer of 2022.

It gives all children born July 1, 2022, or later up to $175.

Low-income students born prior to that date can qualify for up to $1,500.

Lightman said the goal is to get families to think about asset building and saving for higher education from the day their child is born.

"There's a lot of research out there that suggests that children with savings accounts are more likely to think about attending higher education than children that didn't have any savings whatsoever," Lightman said.

The money can be spent on a variety of needs for higher education until the child is 26 years old.

"Those could include tuition, room and board, fees, books, equipment," Lightman said.

Despite the minimal requirements to qualify, data from March 2024 shows many kids are eligible but haven't claimed their money.

In Merced County, 46,000 kids are eligible, but only about 3,000 have registered.

In Tulare County, 79,000 kids are eligible, but only about 5,000 have registered.

In Fresno County, 154,000 kids are eligible and 9,000 have registered.

The state hopes to see those numbers increase.

"Our number-one goal is making sure families are aware of this program and can easily take advantage of it," Lightman said.

Students can use the money at two-year, four-year, public, private, in-country or out-of-the-country colleges.

It can also be used for vocational schools and apprenticeship programs.

For more information to claim your child's money or to determine if your child is eligible, click here.

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