California college savings program offers free money for signing up. See if you qualify

A California college saving program is offering eligible families up to $225 if they open an account and contribute regularly.

ScholarShare 529 is offering a matching grant program for low- and moderate-income families looking to save for their children’s college, providing a dollar-for-dollar matched contribution up to $200, plus an additional $25 for establishing an automatic contribution plan.

The program is available to families who meet the eligibility requirements — Parents must be California residents, have a valid social security number or tax ID number and have an adjusted annual gross income of $75,000 or less . According to U.S. Census data, half of California families qualify.

“This is a great deal, a win-win,” California State Treasurer Fiona Ma said in a statement. “The first win — opening a college savings account to help make higher education a reality for your child. The second win — getting up to $225 in matching and bonus contributions — to put in the account. I’d like all eligible California families to consider taking advantage of this great opportunity to kickstart their college savings in 2021.”

The matching grant program, which has been around since 2018, has helped Californians save more than $2.3 million in new accounts.

“These grants are vital because they help open a pathway to post-secondary education and provide a critical incentive for many families to start saving for college,” said Nalleli Sandoval of the United Ways of California in a statement.

More information about the program, including how to sign up, is available by visiting here.