WASHTENAW COUNTY, MI – Starting this month and continuing through 2024, thousands of Washtenaw County students will have the opportunity to jump-start their college and career goals by enrolling in the Fund for My Future program.
So far, the program has set aside money in savings accounts for more than 12,000 students in Washtenaw County, officials said. Every eligible Second Sixth Form student attending a participating public school will automatically be enrolled in a My Future Fund account.
Related: Washtenaw County is looking to plant the seeds for college with children’s savings accounts
“I’ve been working on this for several years — it’s one of the projects I championed on the board — so I’m very excited to finally be able to make this happen here, and for the kids to finally be able to do the math now,” said Washtenaw County Commissioner Justin Hodge. “I’ve seen successes with this type of program all over the country.”
This month and next are the first time students in grades two through six will be able to access their accounts.
Students who qualify for free reduced lunch will have a base amount of $500 immediately invested in their accounts upon activation, while all other students will have accounts starting at the state minimum of $25, Hodge said.
Hodge joined fellow Commissioner Carolyn Sanders on a visit to Childs Elementary School in the Lincoln Unified School District on Monday, Dec. 18, for an event celebrating the start of the program’s second year, which will see another round of funds placed in students’ accounts in early 2024, officials said.
The two commissioners presented Lincoln officials with a check for $85,225 invested in the students’ account to date at kickoff on Dec. 18. Hodge and Sanders also took time during their visit to read books about planning for the future to students, and talked to the children about their career dreams and what it means to save for college.
Hodge — an associate professor of social work at the University of Michigan — has overseen evidence-based research that he said shows that children who grow up with a savings account are more likely to continue their education after high school.
“If (kids) have (an account) early on — and they know they have that account and they interact with it — even if they graduate without a whole lot of money in it, they’re more likely to go to college several times over or some education,” Hodge said. Another post-secondary.” “There is a lot of evidence that this type of calculation works.”
Julian Ortiz, a 9-year-old Childs Elementary School student, thinks the My Future Fund program is “awesome” because it gives students an opportunity to be financially responsible — something many of the students’ parents don’t have.
Ortiz hopes his future holds a professional football career and is determined to attend the University of Michigan.
“When our parents went to school, they didn’t have this, so this might be an opportunity to have what our parents didn’t have,” Ortiz said.
Fellow student Delaney Swann, 8, plans to enroll in Eastern Michigan University’s Early College Alliance program, and spoke with visiting commissioners about her own plans to become a film producer.
“It’s really cool because you can make stories (in films) and come up with great ideas — it’s like being an engineer,” Swan said.
Superintendent Robert Jansen said the program represents the transformative power of education, and he hopes college savings accounts will be a tool to fight intergenerational poverty and empower low-income families in the area.
“My Future Fund accounts reflect this ideal, shining as a beacon of hope and opportunity for our students’ diverse futures,” Janssen said. “It demonstrates an investment in the dreams, aspirations and limitless potential of our youth. I am proud that Washtenaw County is leading the way in empowering our students, laying the foundation for their educational and career journeys, and ensuring that their pursuit of knowledge and mastery of skills is not hindered by financial barriers.
The My Future Fund is a tangible step toward supporting the dreams and aspirations of young minds across the district, said Sarah Saylor – Children’s Savings Account Coordinator for the Washtenaw Intermediate School District (WISD). Saylor said they hope to add 5,000 more accounts this spring.
Funds are provided directly by Washtenaw County government and the program is coordinated by WISD, in partnership with local public schools and the Michigan Education Savings Program.
My Future Fund will also host two virtual sessions for families to walk them through the login process. Registration is currently open for a session at 1pm on 19 December and a second session at 7pm on 11 January.
Parents or guardians are advised to sign the release form on the My Future Fund website to ensure that their children will receive any additional funds in the future and fully benefit from the programme. Although there is no set deadline, immediate form completion is strongly encouraged, officials said.
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As the cost of higher education continues to rise, it has become increasingly important for students to start saving for college at an early age. Washtenaw County is taking proactive steps to address this issue by implementing a “Future Fund” program designed to help students save for college. By offering financial education and matching funds, the program aims to empower students to take control of their future and pursue higher education without the burden of excessive debt. This innovative initiative provides a promising solution to the rising costs of education and demonstrates the community’s commitment to fostering a more accessible and equitable pathway to college for all students.