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State Treasurer Fiona Ma called Assembly Bill 132, signed by Governor Gavin Newsom, a “visionary plan and game-changer.” The bill implements the 2021-22 State Budget plan, which allocates $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, starting in 2022. Students who are in foster care or are homeless will get an additional $500. “This inspiring and ambitious program takes aim at a persistent and pernicious social inequity – unequal access to higher education,” said Treasurer Ma. “Prov...

As income inequality has grown nationwide, leaving Hispanics and Blacks with seven to 10 times less the typical wealth of white families, California lawmakers are pushing toward higher education.One of those projects includes creating ScholarShare 529, a universal program to invest money into an account for every child born in the Golden State."We had just been working with California Department of Public Health to make sure that as children are being born, that information is being provided to ScholarShare 529 so that they start having these accounts set up," said Assembly Member Adrin ...