A massive fund designed to help families save money for college is largely untapped, according to a new report.
California’s taxpayer-funded program CalKIDS has allocated hundreds of millions of dollars in college savings funds that are untouched and available, reports the ABC-affiliated news station KXTV.
The fund offers at least $175 to Californians born after July 1, 2022, and to low-income students in public schools from the 2021-2022 school year onward.
Four-million accounts have been created and are ready to be accessed, but only 450,000 accounts have been claimed. That leaves more than $621 million on the table.
For low-income public school students, the fund bumps the amount given to $500.
Foster youth receive an additional $500 on top of that, and the homeless receive another $500 for a maximum per-account total of $1,500.
An outreach specialist at CalKids says the program has struggled to spread the word.
CalKids has launched an eligibility tool that allows potential participants to see if they qualify.
All funds must be spent on higher education or instructional programs, with participants encouraged to spend the money on tuition, rent, equipment and training.
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