Advocating to change state law, developing a custom scorecard, advancing its Financial Literacy Initiative, and a visit from California State Treasurer Fiona Ma, all showcase Riverside County’s efforts to remove financial barriers to college and career dreams

RIVERSIDE – As students in Riverside County are enjoying summer vacation, pre-loaded savings accounts in their names with free money to fund college and career dreams are continuing to grow—with interest.

Launched in 2022 by the State of California, the California Kids Investment and Development Savings Program (CalKIDS) college savings accounts with up to $1,500 are waiting to be claimed by the majority of the 430,000 students in Riverside County.

As part of its ongoing focus on college and career readiness, and as a strategic extension of its ongoing Financial Literacy Initiative, the Riverside County Office of Education (RCOE) has been spreading the word about CalKIDS through more than 60 webinars, workshops, community sign-up events, one-on-one sessions, and more.

“The best way to increase the college completion rate in Riverside County is to eliminate all barriers that might stand in the way of students pursuing their college and career dreams after high school,” said Riverside County Superintendent of Schools, Dr. Edwin Gomez. “Even the parents of the youngest students in Riverside County should claim their CalKIDS accounts today.”

In April of 2023, RCOE advocated for the passage of language in the Education Code which amended state law to provide data access to individual counties in order to better track and promote participation in the CalKIDS program. As a result, RCOE has launched the Riverside County CalKIDS Scorecard that tracks the participation rates of every school in Riverside County. The scorecard lists the number of eligible students at each school and their current registration rate.

“With the Riverside County CalKIDS Scorecard, every educator in Riverside County can see how their school is committing to prepare their students for college and career,” said Catalina Cifuentes, RCOE Executive Director of College and Career Readiness. “Like we did with the Race to Submit campaign to promote financial aid applications, our goal is to recognize the schools who are connecting the most number of their students with their free CalKIDS accounts.”

Educators at RCOE, in partnership with the California State Treasurer’s Office, the ScholarShare Investment Board, the California Student Aid Commission, local school districts, and community leaders, are working to spread the word that one of the most significant barriers to pursuing college and career dreams is being dismantled through CalKIDS accounts. More than 274,000 students in Riverside County are eligible for a potential of over $137 million in free savings accounts to jumpstart saving for college or career training.

California State Treasurer, Fiona Ma, visited three schools in Riverside County to observe the implementation of the CalKIDS program. During the recent visit, students at Vista Heights Middle School (Moreno Valley USD) and Lasselle Elementary School and Rancho Verde High School (Val Verde USD), were introduced to CalKIDS savings accounts as part of financial literacy lessons. Some even claimed their accounts in their classroom that day.

“Riverside County is providing an excellent example for local communities throughout California. By embracing CalKIDS and working hand-in-hand with our team, they are leading the way in getting accounts to all eligible children and families in Riverside County, and are setting them up for a lifetime of saving and good financial habits,” said Fiona Ma, California State Treasurer.

“Our students have been learning about the importance of financial literacy and why that will be important to their future,” said Katie Ermert, principal of Lasselle Elementary School in the Val Verde Unified School District. “Our students were thrilled to welcome State Treasurer Ma, and witnessing the excitement of students claiming their savings accounts on their Chromebooks, and watching them realize how that money that is waiting to help them pursue their dreams is not only a great motivator for the students, but for all educators who are shaping them each day for their future.”

CalKIDS by the Numbers in Riverside County (as of June 3, 2024)

• $137,332,000 – potential CalKIDS funds available to eligible students
• 274,664 –students eligible to claim CalKIDS accounts
• 15,585 high school students who have already claimed CalKIDS accounts (up 2,380 since 5/1/2024)
• 57.26% - highest percentage of claimed accounts among high schools in Riverside County by Val Verde High School with 134 of 234 eligible students (Val Verde USD)
• 6,449 middle school students who have already claimed CalKIDS accounts (up 459 since 5/1/2024)
• 98.5% - highest percentage of claimed accounts among middle schools in Riverside County by Colonel Mitchell Paige Middle School with 329 of 334 eligible students (Desert Sands USD)
• 8,103 elementary school students who have already claimed CalKIDS accounts (up 1,591 since 5/1/2024)
• 92.74% - highest percentage of claimed accounts among elementary schools in Riverside County by Palms Elementary School with 396 of 427 eligible students (Perris Elementary School District)
• 26.29% - highest overall percentage of claimed accounts by eligible students in a district (Val Verde USD)

About CalKIDS

The California Kids Investment and Development Savings Program (CalKIDS) was created to help provide greater access to higher education for California’s children. Research shows that children with $500 or less designated for college savings are three times more likely to enroll in college and nearly four times more likely to graduate than children with no savings. CalKIDS is a program designed to provide parents/caregivers with a starting point to save for their children’s education and career development.

The program consists of two awardee groups—newborn and school-aged students in California. In its first year, CalKIDS funded 3.4 million of California’s school-age children—including approximately 450,000 newborns.

Eligible newborns receive an initial deposit of $25, and an additional $25 when the parent or guardian registers at www.CalKIDS.org. An additional $50 deposit is made to the CalKIDS account when a participant links an existing or new ScholarShare529 college savings account.

Accounts for eligible school-age children start with a $500 automatic deposit. An additional $500 for foster youth and an additional $500 for students identified as homeless are available.

Eligible participants are identified by data received from the California Department of Public Health and the California Department of Education. There is no need to apply, and no requirement that families make any kind of financial commitment. All students and parents have to do is claim their CalKIDS savings accounts at www.CalKIDS.org.

About the Riverside County Office of Education (RCOE)

RCOE is a service agency supporting the county’s 23 school districts and 500+ schools that serve nearly 430,000 students—more than the student population of 17 states. RCOE services include administrative support to districts and charter schools, programs for preschool, special education, pregnant minor, correctional, migrant, and vocational students. In addition, the organization provides professional training, support, and resources for more than 18,000 teachers, administrators, and staff, throughout the 7,000 square miles of Riverside County.