Huge endowments meant to help families save for college are largely untapped, according to a new report.
California’s taxpayer-funded program, CalKIDS, has earmarked hundreds of millions of dollars in untapped college savings funds, ABC affiliate news station KXTV reported.
The fund will provide at least $175 to Californians born after July 1, 2022, and low-income students in public schools starting in the 2021-2022 school year.
Four million accounts have been created and available for access, but only 450,000 have been claimed. This leaves more than $621 million.
For low-income public school students, the fund will increase the donation amount to $500.
Foster youth will receive an additional $500, and homeless individuals will receive an additional $500, for a maximum total of $1,500 per account.
CalKids outreach experts say they are having a hard time getting the word out about the program.
CalKids has launched an eligibility tool that allows potential participants to see if they are eligible.
All funds must be spent on higher education or instructional programs, and participants are encouraged to spend funds on tuition, rent, equipment, and training.
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