California creates $500 college savings account for some students

California launched a new program that is giving out hundreds of dollars to low-income public school students for their college education.

The program is through CalKIDS, and it is using $1.9 billion to create accounts for students who are between 1st and 12th grade.  Newborns born on or after July 1, 2022, will also be getting money put into an account.

“With up $1,500, we’re transforming lives, generating college-going mindsets, and creating generational wealth for millions of Californians,” Gov. Gavin Newsom said.

Students will be eligible for up to $1,500. Their CalKIDS account will automatically get $500.

Read more on Fox 40.

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