ScholarShare 529: California's College Savings Program
ScholarShare 529 is California's official tax-advantaged college savings plan, administered by the ScholarShare Investment Board under the State Treasurer's Office.
The data below comes from official Treasurer's Office reports and program announcements.
Program Basics
ScholarShare 529 allows families to save for qualified higher education expenses, including tuition, fees, books, supplies, and certain room and board costs. Contributions grow tax-deferred, and withdrawals for qualified education expenses are free from federal and California state income tax.
The program has no income limits or age restrictions on who can open an account. It is overseen by the ScholarShare Investment Board (SIB), whose chair is the State Treasurer.
Source: California State Treasurer's Office, ScholarShare 529 program description (scholarshare529.com); 2024 Year End Report (released December 2025).
2024 Growth by the Numbers
According to the California State Treasurer's Office 2024 Year End Report (published December 2025) and a program announcement reporting December 31, 2024 data:
- $16.5 billion in total assets under management as of December 31, 2024 (including CalKIDS and local college savings accounts).
- $15.1 billion in ScholarShare 529 assets excluding CalKIDS and local community savings accounts.
- 454,399 total open accounts at year-end 2024.
- $1.359 billion in family contributions during calendar year 2024, a record annual total.
- More than 50,000 new accounts opened in 2024.
- ScholarShare 529 marked its 25th anniversary in 2024.
Sources: California State Treasurer's Office, "2024 Year End Report" (December 2025); ScholarShare 529 news release, "ScholarShare 529 Reaches $16.5 Billion in Assets" (published 2025, reporting December 31, 2024 data).
Connection to CalKIDS
The same 2024 Year End Report states that the California Kids Investment and Development Savings Program (CalKIDS) created more than 4.8 million college scholarship seed accounts. Many families receiving CalKIDS seed deposits also open ScholarShare 529 accounts for additional savings.
Why This Matters for the Treasurer Race
College affordability is a recurring issue in California politics. The Treasurer chairs the board that sets investment options and oversees program outreach. Phil Ting authored legislation expanding Cal Grant access during his Assembly tenure and lists college savings access among his State Treasurer priorities.
Paid for by Phil Ting for Treasurer 2026, FPPC ID #1444108.