COLLEGE SAVINGS ACCOUNTS
Research shows that even children with less than $500 in savings are three times as likely as those without savings to enroll in college, and four times as likely to graduate.
The West Sacramento Home Run offers financial incentives to local families to encourage saving for college or other postsecondary training. Through our Ready, Set, Save! program you or your child can earn up to $1,000 toward these expenses. We encourage all families to start saving as early as possible so you and your children can get the maximum benefit from our programs. You can even open your account before your child is born!
One of the best ways to save is with a college savings plan, usually referred to as a 529 plan for its designation in the federal tax code. A 529 plan is an investment account that can grow over time. Earnings on the account are not taxed if used for qualified education expenses. The California State Treasurer offers an excellent 529 plan called ScholarShare 529.
To encourage West Sacramento families to save for their child's future, the Home Run offers a $50 incentive for opening a ScholarShare account, and another $50 for linking that account to your child's Ready, Set, Save! account.
To start saving for your child's education, visit ScholarShare 529. Then sign up for Ready, Set, Save! and start earning up to $1,000 for your child's future education!
The State of California also offers funding to help families save for college or other education expenses through the California Kids Investment and Development Savings Program, or CalKIDS. Through this program all babies born in California on or after July 1, 2022 will receive $25, babies born on or after July, 2023 will receive $100, and eligible low-income public school students can receive up to $1,500 in a CalKIDS account.
For more information, visit the CalKIDS website.