San Francisco’s model also helped encourage California to launch CalKIDS, the nation’s largest children’s savings account program, in 2022.
The statewide initiative allocated $1.9 billion to fund college savings accounts of $500 each for 3.7 million low-income California public school students from first to 12th grade. Students who are in foster care or are homeless received an additional $500.
Like most other plans, the savings can be rolled into a 529 college savings account — a tax-advantaged way to save for college or other schooling and related expenses.