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Frequently Asked Questions

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Getting Started

How do I enroll my student?

During the Spring semester, LAUSD first graders enrolled in participating elementary schools will have an account automatically opened for them, unless their parent/guardian opted out. If you would like for your student to receive an Opportunity L.A. account, there is no action needed. If you have any questions about accessing your student's account please send us an email at cifd.opportunityla@lacity.org.

What is the cost to participate in Opportunity L.A.?

There is no cost to a student or a family to participate in Opportunity L.A. 

What is needed to register a student's account?

When an Opportunity L.A. account has been opened in the student’s name, students and parents will have access to an online banking platform. To register the account online, use this link https://mysavingsaccount.com/account/ola.

You will need to provide the following information:

  • Student account number found in the welcome letter (mailed to you)
  • Student’s Date of Birth
  • Your Email address

If you have questions regarding the account number please contact us at cifd.opportunityla@lacity.org.

What can you use these savings for?

Program funds may be used for pre-college education expenses and post-secondary education. Qualified account uses will be determined by the Program and include, but are not limited to:

  • Pre-college expenses such as college application fees, ACT/SAT testing fees or preparatory classes
  • Pre-enrollment enrichment services such as “summer bridge” programs, deposits for on-campus room and board
  • Post-secondary expenses such as tuition, mandatory fees, books, supplies (including computer equipment)
  • Post-secondary education includes: colleges; universities; vocational schools; and any two or four-year degree programs from accredited institutions.

 

To be eligible for a qualified account use, the participant must either be currently enrolled in or have graduated from an LAUSD high school. Certain restrictions apply. 

How do I opt my student out of the program?

Parents who choose other ways to save or do not want to participate in the program may opt out. 

For first grade families, at the beginning of the school year look for the Information Release Form in your Parent/Student Handbook. You can indicate there that you do not wish to participate, and no account will be created. The form must be submitted to your school.

Later in the school year: You will also receive an Opt-out letter to complete and submit to your school. The opt-out letter will NOT go to the program, please share it with your student’s school.

Once a Student Account is Open

How can I make a deposit to increase my savings?

Did you know that you and your loved ones can make deposits into an Opportunity L.A. account? All you need is the student’s name and account number. This can be done in a variety of ways

Option 1: 

In-person at a local Los Angeles Citibank branch: 

  1. Visit: https://online.citi.com/US/ag/citibank-location-finder
  2. Enter your address
  3. Select “Filter”
  4. Select “Branches” and then “Apply Filter”

At the Citibank branch parents will be asked to present a valid government-issued photo ID and they will be asked to provide a Social Security Number. Sharing a SSN is completely OPTIONAL. Parents do not need to provide a SSN to make a deposit, they are allowed to decline. The question is part of banking regulations, but a response is not required.

While depositing in person, parents can provide cash, check, or money order. Parents will need to have the student’s Opportunity L.A. account number, which they received in their welcome packet, and the student’s full name. If parents do not have their student’s account number, they may fill out this online form to request one.                                              

Option 2:

By Mail

Make a check or money order payable to the student's name, include their account number in the memo section of the check, and mail to: 

Citi Children’s Savings Accounts 
P.O. Box 790020 
St. Louis, MO 63179-9966 

Option 3:

Bill Pay 

Step 1 : Log into your bank's online portal and proceed to the "Bill Pay" section. 

Step 2: Enter and save the Bill Pay merchant details as follows for all fields as applicable:  

  • Merchant Name : Opportunity L.A.
  • Account # : [Your student's account number that starts with "3322209"]
  • Merchant Address : P.O Box 790020, St Louis, MO 63179-9966

*** Please note that the initial Bill Pay set up takes approximately 4-6 weeks. 

Option 4: 

Direct Deposit 

Fill out this form and submit it to your employer or other fund originator.

How does the Program help me grow my savings?

The Program offers a number of opportunities - called “incentives” - to grow your savings. You can earn these incentives by meeting certain requirements or engaging with the program. Keep an eye out for future communications on these opportunities. 

How do I make a deposit using Bill Pay?

Look for the Merchant Name Opportunity L.A. in your bank’s Bill Pay service. You can set up a one-time payment or recurring payments to the Participant’s account record using this service. * Please note that the Bill Pay takes approximately 4-6 weeks for the initial setup to process. 

What if I cannot find "Opportunity L.A." as a merchant in my bank’s Bill Pay?

If you need to set up the Opportunity L.A. Program as a Bill Pay merchant at your financial institution, follow the steps below:

Log into your bank’s online portal and proceed to the Bill Pay section.

Enter and save the Bill Pay merchant details as follows for all fields as applicable:

Merchant Name — Enter Program Name (Opportunity L.A.)

Account # — Enter your student’s XX-digit account number (provided in the welcome letter starting with "3322209")

Merchant Address — Enter the address: P.O. Box 790020 St. Louis, MO 62179-9966

Merchant Phone Number — XXX-XXX-XXXX

Follow the prompts to add the merchant and set up a one-time or recurring payment. Once you have entered this merchant in your bank’s Bill Pay section, you will not have to enter the merchant’s information again and all payments will be sent electronically.

Will participation in the Program impact the other benefits I already receive, such as CalFresh or WIC?

No, since these accounts are held by the City of Los Angeles on behalf of the student, these funds will not be counted as income for purposes of eligibility for other benefits.

Am I required to make monthly or weekly deposits?

Parents can set scheduled deposits however they’d like. There is no minimum required amount of funds or deposits needed in order to take advantage of our program. Parents are encouraged to save however much money they can at whatever pace they’d like.

Is there a maximum amount of contributions I can make into my child’s account?

Opportunity L.A. allows for a maximum of $5,000 of contributions deposited into the account yearly.

I have multiple children. How do I view their accounts within the same portal?

Parents are able to link children’s accounts under the same email address. Through the portal of whichever child you registered first, please click “Profile” (at the top o the page) > Under “Account”, there will be a button saying “Link Accounts”. Please follow the system as it guides you on how to link accounts. Should you have any questions with the process, reach out to cifd.opportunityla@lacity.org.

Closing An Account

What if I want to close my child’s account?

To request an account closure, please email cifd.opportunityla@lacity.org to initiate the process.

Can funds be withdrawn from this Program account in the case of a financial emergency?

In the case of a family emergency, the student or parent/guardian may request an early withdrawal of some or all contributions in the student’s account. **Restrictions apply. Contact the program for more details. 

What happens to my child's account if they transfer from one LAUSD school to another?

If a student who has an Opportunity L.A. account transfers to another LAUSD school, the student’s school information is updated and the Opportunity L.A. account continues as is. If the student leaves LAUSD, then the student’s Opportunity L.A. account will be closed. Online viewing access of a student’s Opportunity L.A. account will be terminated as of the date of account closure. If any Non-Program Contributions were made to the Opportunity L.A. account, a repayment will be made payable to the student’s name and will be mailed to the address on record within twenty (20) business days of the Opportunity L.A. account closure. All incentives and Program Contributions are returned to the Program. The parent or legal guardian of the student will be asked to destroy and discard the student’s account ID Card.

If the student who previously participated in the Program returns to an LAUSD school, a new Opportunity L.A. account may be established for the student and, depending on funding availability, the initial seed deposit will be credited to the new Opportunity L.A. account. Please contact the Opportunity L.A. program manager at cifd.opportunityla@lacity.org for additional inquiries.

What if our family leaves LAUSD entirely? 

If your family/child leaves LAUSD, Opportunity L.A. will be notified by LAUSD and your account will be closed. We then work with Citibank to return any contributions you made into the account back to you via check.

CalKIDS

About CalKids

The State of California launched the California Kids Investment and Development Savings Program (CalKIDS). CalKIDS helps children get access to higher education, especially those from traditionally underserved communities.  CalKIDS gives children in California a jump start on saving for college or career training. To be eligible for CalKIDS, participants must be:

Born in California on or after July 1, 2022

 

OR

Low-income California public school student in grades 1-12 during the 2021-2022 school year

 

OR

Low-income California public school student attending grade 1 during the 2022-2023 school year and every year after

Enrollment in CalKIDS is automatic. Eligible beneficiaries are identified by the California Department of Public Health and the California Department of Education. No action or financial commitment is required of families to participate.

All participants receive a seed deposit in a CalKIDS account to help pay for future education after high school.

CalKIDS savings can be used for qualified higher education expenses like tuition, books, computer equipment, supplies, and more.

Awardees have until the age of 26 to use funds and must have been California residents in the year preceding their request for disbursement. Payments are made directly to the institution of higher education. CalKIDS funds can be used nationwide and occasionally abroad at community colleges, universities, vocational and professional schools.

Visit CalKIDS.org to register, link your CalKIDS and ScholarShare 529 account, and to follow the latest program guide and updates.

Eligibility

Eligibility has two awardee groups – automatically enrolled with an initial seed.

  • Newborns (California Department Of Public Health Data)
    • Born in California, on or after July 1, 2022;
    • Initial seed regardless of income;
    • Established when data is received from CA Dept of Health (takes about 90 days).
  • Low-income* Public School Students (California Department Of Public Education data)
    • Accounts established for 1-12th graders in 2021-2022 academic year (enrolled as of Fall census day October 6, 2021)
    • Accounts will be established for 1st graders every school year (enrolled as of Fall Census Day, first Wednesday of October)
    • Accounts typically become available during the summer after a student finished 1st grade

*Eligibility for low-income public school participants is defined by the Local Control Funding Formula. Historically, this information has been collected from parents through the Free and Reduced Lunch Form. Please complete any requests from your school district related to household income to ensure you are counted for CalKIDS and related resources.

Get Started
  • Newborns
    • Get started at CalKids.org. Eligible newborns must be born in California on or after July 1, 2022.
    • CalKIDS receives information on newborns approximately 90 days after birth is registered with the California Department of Public Health.
    • Families  will receive a welcome letter and a unique code to register a newly established CalKIDS account. Families can also input the “local registration number” located at the top right of the birth certificate issued by the county.
    • If families have an existing or new 529 account at ScholarShare, they can link their CalKIDS account and the 529 account for their student.
  • Students
    • Get started at CalKids.org. Eligible 1-12 grade low-income public-school students must have been enrolled as of Fall census day (October 6, 2021). Low-income public-school students for the 2022-2023 school year
    • Families  will receive a welcome letter and unique code to register their newly established CalKIDS account by late Spring or Summer. Families can also visit CalKids.org and input the Statewide Student Identifier Number (SSID). Families may contact their school district or the school of their student for their SSID.  
How is CalKIDS different from Opportunity L.A.?
  • Unlike Opportunity L.A., families are not able to directly contribute to a CalKIDS account. However, after they register to view their CalKIDS account they can link it to a new or existing California ScholarShare 529 account for their student, so families can see their savings grow over time.
  • A 529 college savings plan is an investment plan managed and sponsored by a state that allows families to save money for future education expenses. Families can withdraw funds tax-free to cover qualified higher education expenses. If families are able to save some of their own money for your child’s future college costs, a 529 plan is an excellent option to use in addition to Opportunity L.A.
  • Check out the “ScholarShare 529” section below for more on the benefits of California ScholarShare and how to save alongside it and Opportunity L.A.
Have More Questions?

Opportunity L.A. can answer basic questions if you email cifd.opportunityla@lacity.org, but our friends at ScholarShare who administer CalKIDS and the state’s 529 are the experts. Here’s where to get support: 

Call 888-445-2377 Monday to Friday between 8 am to 5pm or email support@calkids.org.

ScholarShare 529

529 College Savings Plan

 A 529 plan is an investment account that allows earnings to grow free from federal income tax when funds are used for qualified educational expenses including books, fees, supplies and tuition at universities, community colleges or trade schools. Though there are many state 529 plans to choose from.

Check out planning and saving for college and comparison tools on California ScholarShare’s website as you weigh your options.

California ScholarShare

ScholarShare 529 is administered by the ScholarShare Investment Board, which is chaired by California State Treasurer Fiona Ma. Since its launch in 1999, ScholarShare 529 has helped thousands of families save for a higher education and has grown its total plan assets to almost $10.5 billion as of September 2020.

CA 529 ScholarShare Brochure.

Things to Consider
  • Learn more about the California 529 College Savings Plan, its investment objectives, tax benefits, risks, and costs, please see the Plan Description at www.ScholarShare529.com. Read it carefully.
  • Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice.
  • Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
  • If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.
  • The treatment of investments in a 529 savings plan varies by school. Assets are typically treated as the account holder’s and not the student’s. (Student assets are generally assessed at 20% whereas parental assets are generally assessed at 5.6%.) Any investments, including those in 529 accounts, may affect the student's eligibility to get financial aid based on need. You should check with the schools you are considering regarding this issue.
How is Opportunity L.A. different from ScholarShare 529 accounts?

Opportunity L.A. differs from ScholarShare 529 in that our program is an opt-out model, the accounts are accessible to anyone regardless of their legal status, the program will not affect a family’s public benefits, and is completely free for families. ScholarShare 529 models are typically opt-in, gain a higher interest but will likely be reportable for tax and benefit purposes. ScholarShare 529 accounts may also have penalties for early withdrawals.