This fall, millions of American students will receive additional assistance worth $500 to $1,500.
Millions of the state's low-income, foster, and unhoused students now have access to savings accounts with a maximum of $1,500.
All infants born on or after July 1, 2022, will also receive up to $100 in seed money through the new CalKIDS program.
According to California Governor Gavin Newsom, families of the state's 3.4 million low-income students enrolled in public schools can now access college savings accounts opened in their children's names.
The program to aid students and children in need has received $1.9 billion from the state.
Students enrolled in low-income public schools in grades 1 through 12 who qualify automatically receive a $500 direct payment.
Foster children and homeless people will each receive an additional $500.
All eligible children who were born on or after July 1 will automatically receive $25 into their college savings account.
An additional $25 deposit will be given to parents who register their newborn on the program's online portal.
Additionally, you can receive an additional $50 payment if you link a new or current ScholarShare 529 account to the CalKIDS account.
The California Department of Public Health and the California Department of Education both determine who is eligible for benefits.
Students are not permitted to take out the money themselves or use it for anything besides higher education.