Ann Arbor Times

The Dexter Community School District welcomed a children’s savings account coordinator to discuss a new financial program for students at its April 10 board meeting. 

Sara Saylor spoke about My Future Fund, a Washtenaw County Independent School District initiative, that allows students to get a head start on saving and funding their college or career training. 

The investment was started with $2.9 million from the American Rescue Plan Act and $3.78 million from the county’s general fund.

The program allows enrolled students and their families to invest and use funds for secondary education when it comes time. The program will roll out in May and start enrolling and giving free accounts to students over the next few years, with a schedule of enrolling 1st and 5th graders each new school year. 

Families can also join immediately with a $25 account purchase and track the progress of their savings account, investments and additional bonuses. The investment can be withdrawn after high school.

“The first element of the main feature fund program is the My Future Fund account," Saylor said. "Every eligible student in Washtenaw County will receive a free My Future Fund account with a starting deposit of $25. The funds in these accounts are pulled together in an omnibus account that the WISD stewards, but it is held by the Michigan Education Savings Plan and managed by TIA Kraft. 

"The money is pooled collectively together until it is time for the students to withdraw it for qualified expenses for college or career training," she added. "When students are ready to withdraw their funds, they'll be able to put in a request and we'll be able to give them those dollars to use for their secondary education.”

The program was established after data showed that starting funding for college encourages and increases the number of students who attend, finish and succeed in college education. 

It will also help address any financial gaps or educational disparities in the community, especially those exasperated by the COVID-19 pandemic.

Members of the district said they will work with parents to get their permission to help them find eligible funds to add to the savings. Other areas in the state have similar programs and have seen solid results. 

The district plans to use this platform to send information and education on savings and finances for college and to cultivate financial literacy and preparedness in the community.