May 7, 2024

State Treasurer Fiona Ma Promotes CalKIDS in San José, Kicks Off First San José Education Forum

SAN JOSE—On Friday, April 26, 2024, State Treasurer Fiona Ma celebrated cradle-to-career efforts in the City of San José by kicking off the first San José Education Forum and raising awareness about the California Kids Investment and Development Savings Program (CalKIDS).

Treasurer Ma spoke at San José City College, joining a group of local elected officials and education leaders, including: 

• Dr. Rowena Tomaneng, President, San José City College
• Dr. Beatriz Chaidez, Chancellor, San Jose Evergreen Community College District
• Dr. Cynthia Teniente-Matson, President, San José State University
• Dr. Heather Lattimer, Dean of the Connie L. Lurie College of Education, San José State University
• Maria Fusaro, Ed.D., Associate Professor, Child & Adolescent Development, Co-Founder, Early Childhood Institute, San José State University
• Alicia Cortez, Board Member of Gavilan College
• Julie Sullivan, President, Santa Clara University
• Cynthia Larive, Chancellor, University of California, Santa Cruz
• Mary Ann Dewan, Ph.D., County Superintendent of Schools, Santa Clara County Office of Education
• José Magaña, Founding Executive Director of Latinos for Education, Bay Area, and Elected Board Member of San José Unified School District
• Vito Chiala, Principal, Overfelt High School (ESUHSD)
• Matt Mahan, Mayor of the City of San José
• Dev Davis, City of San Jose Councilmember District 6
• Cindy Chavez, Santa Clara County Supervisor District 2
• Dr. Agustín Cervantes, Executive Director, Bay Area K-16 Collaborative
• Arnold Chandler, President and CEO, Forward Change

San José City College President Dr. Rowena Tomaneng engaged San José State University, the San José Public Library, Santa Clara University, San José Cal-SOAP Consortium, the Bay Area K-16 Collaborative, and the Northern California College Promise Coalition to host the city’s first Education Forum. The co-hosts, speakers, and partners shared several resources with K-12, college, nonprofit, and other community leaders during the event. The state’s child savings account program, CalKIDS, was among the resources promoted at the Education Forum.

“Thank you Northern California College Promise Coalition (NCCPC) for helping us increase enrollment in our CalKIDS Program in Santa Clara County, there are over 100K students that can enroll/claim their free money but just over 7,300 of them are registered,” posted Treasurer Ma on LinkedIn after the Education Forum.

According to the State Treasurer’s October 2023 press release, CalKIDS started with a $2 billion investment from the State of California. The program aims to close the gap in postsecondary education inequality by automatically funding savings accounts for California children, especially those from underserved communities. Money in a CalKIDS account can be used for postsecondary educational purposes, including college, trade schools, and career training. 

The program, administered by the ScholarShare Investment Board, automatically funds college savings accounts for all newborns, regardless of income, and eligible low-income public school children in California. Ma is the chair of the ScholarShare Investment Board as the state treasurer. 

Studies have shown that children and families with even small savings set aside for college are 3x more likely to enroll in college and 4x more likely to graduate compared to children with no savings at all. That is why NCCPC, in partnership with the CA Child Savings Account (CSA) Coalition, wants all of our members, partners, and allies to help spread the word about CalKIDS.

All babies born in California on or after July 1, 2022, will receive up to $175 in a college savings account, and eligible low-income public school students may qualify for up to $1,500. CalKIDS accounts can also be linked with new or existing ScholarShare 529 accounts to maximize savings.

Since its launch in 2022, more than 314,000 children have claimed up to $1,500 each in a CalKIDS account funded by the State of California. Across the 16-county footprint covered by NCCPC and the CA CSA Coalition, from Sacramento to Los Angeles, there are 2.187 million eligible families with a total of $975 million in CalKIDS accounts. Learn more about CalKIDS by exploring their Marketing Toolkit and checking out your county’s CalKIDS information on NCCPC’s website.

In addition to CalKIDS, there are locally built and operated child savings account programs across California. NCCPC and the CA CSA Coalition partnered with College In My Future, Excite Foundation (in Santa Clara County), Oakland Promise Brilliant Baby (in Alameda County), and San Francisco Kindergarten to College (in San Francisco County) to publish A California Case Study: Integrating College Promise and Child Savings Account Programs to Support Young Learners Cradle to Career in May 2023.

“Eligible children in California are fortunate to have both a CalKIDS account and–in 14 communities around the state–a College Savings Account funded & managed by their local community,” said Amanda Feinstein, Director of the California Child Savings Account Coalition. “Trusted community organizations play a critical role in connecting children and their families with these powerful resources.” Learn more about the CA CSA Coalition at https://norcalpromisecoalition.org/ca-csa-coalition/. 

Partner with NCCPC and the CA CSA Coalition to increase CalKIDS account claims by 10% by the end of December 2024! With your support, we can help 4 Million families take advantage of their CalKIDS child savings accounts.

All NCCPC members, CA CSA Coalition members, partners, and allies are encouraged to download our CA CSA Toolkit HERE and pledge to join us as an Outreach Partner HERE.

All California parents and families are encouraged to visit CalKIDS.org to learn more about the program, check eligibility, and claim their accounts. 

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