San Fernando Valley Families Get a Start on College Savings Thanks to CalKIDS

Lake Balboa, Ca. – San Fernando Valley-area families got a jumpstart on college savings last week, during a Magnolia Science Academy 2-Valley (MSA-2) parent workshop about the California Kids Investment and Development Savings Program (CalKIDS). The program, launched in 2022 by the state, offers children born in California (on or after July 1, 2022) and those currently attending public school a scholarship for college.

Magnolia Science Academy 2-Valley (MSA-2), a free charter public school serving Grades 6-12 in Lake Balboa that is part of the Magnolia Public Schools (MPS) network, hosted a signup event on Halloween at its Lake Balboa campus (17125 Victory Blvd., Lake Balboa, CA 91405). MSA-2 is the first school to host a CalKIDS event within the community.

“We’re thrilled about this partnership with the State of California, and the opportunity to bring college savings to families in the form of student scholarships,” said Alfredo Rubalcava, CEO of Magnolia Public Schools. “Within our school network alone, families can tap into more than $1 million dollars in funding. Some parents opened their children’s accounts and found that they had $750 waiting for them for college,” added Rubalcava.

CalKIDS is the country’s largest child development account program offering college scholarships. It promotes higher education by empowering families to build assets and develop savings habits. The program is administered by a ScholarShare Investment Board and chaired by California State Treasurer Fiona Ma, who sent a spooktacular Halloween video message for families attending the event.

“Magnolia Public Schools is doing incredible work preparing California’s next generation of innovators and leaders, and I’m thrilled to collaborate with them to bring early-financial-planning tools directly into the classroom," said California State Treasurer Fiona Ma, CPA, Chair of the ScholarShare Investment Board. "When programs like these are woven into curriculum and school activities, they help build financial confidence and opportunity that will benefit families for generations to come. I’m especially grateful to Senator Caroline Menjivar for her partnership and commitment to ensuring this community has access to the tools needed to thrive and succeed.”

During the event, school staff helped parents claim their CalKIDS accounts online. Scholarship award amounts start at $175 for newborns, and range from $500 to $1,500 for low-income students or English Learners attending the state’s public schools. Foster and homeless youth are eligible for additional scholarship monies up to $1,500. Eligible students include those enrolled in a public school, grades 1-12 during the 2021-22 academic school year, and those enrolled in the first grade during the 2022-2023.

School officials say that federal government cuts to education may affect the perception of college attainability among low-income families. This is why Magnolia is getting ahead of the curve and ensuring that families are made aware of available funding for higher education.

“At a time when families are facing difficult choices due to incoming service cuts, it is crucial we share what available resources do exist,” said California State Senator Caroline Menjivar. “CalKIDS gives families a head start on building savings for their children’s futures. I am thrilled to join California State Treasurer Fiona Ma and Magnolia Science Academy 2 to help our SD 20 families access this valuable program,” added the Senator.

In 2024, Magnolia Public Schools was awarded the Hart Vision Equity and Innovation Award by the California Charter Schools Association. The U.S. Department of Education also awarded the high-performing schools network a grant to expand and replicate its model. Each year, many of its schools rank among the top schools regionally and at the state level. In the last three years, Magnolia Science Academy 2 in Van Nuys, Magnolia Science Academy 7 in Northridge, and Magnolia Science Academy-San Diego were recognized as California Distinguished Schools, further underscoring the network’s commitment to excellence and equity in education.

Magnolia Public Schools (MPS) are tuition-free charter schools with campuses throughout Southern California focused on Science, Technology, Engineering, Arts and Math (STEAM)-based teaching to ensure students are well-rounded and college-ready. MPS offers smaller class sizes, individualized attention from teachers, as well as safe campuses that foster ideal learning conditions for students.
For information about Magnolia Public Schools, you can also visit www.magnoliapublicschools.org and follow us on Facebook @MagnoliaPublicSchools, Twitter @MagnoliaSchools, and Instagram @magnoliapublicschools.