Washtenaw County's My Future Fund program: A jump-start on saving and planning for future college or career training

Dexter Community Schools learn about the My Future Fund program.

This program is a new Washtenaw Intermediate School District (WISD) initiative aiming to help give students enrolled in Washtenaw County public schools and public school academies a jump-start on saving and planning for future college and career training.

The My Future Fund program went before the DCS Board of Education at its April 10 meeting, in which a presentation was given.

Before the Board of Education that evening was also a Memorandum of Understanding (MOU) regarding the My Future Fund that would authorize the Superintendent or his designee to execute the attached data sharing agreement and all other tasks outlined in the MOU.

Prior to the decision, board members heard a presentation by Sara Saylor of the WISD My Future Fund program. Saylor is the Children's Savings Account Coordinator with the WISD.

The Sun Times News (STN) reached out to Saylor to talk about this new program.

In describing it, Saylor said, “My Future Fund is an exciting new program that will give eligible elementary students enrolled in Washtenaw County Public Schools, including Dexter Community Schools, and participating Charter Schools a jump-start on saving and planning for future college or career training.”

She said My Future Fund is structured as a Children Savings Account (CSA) program, a research-based approach to helping students and families build assets for future post-secondary educational expenses.

The WISD operates the program with initial funding from a generous investment by Washtenaw County Government of $2.9 million of American Rescue Plan Act funds and $3.78 million County General fund dollars.

“We are currently sharing about this work with local Boards of Education in preparation for the program’s launch,” Saylor said. “Every eligible student will receive a free account starting this summer, and families can expect to hear more information starting in the coming weeks.”

STN asked Saylor: Who will it help? How will it benefit Dexter students and families?

She said, “This program aims to support any parent/caregiver who has asked the question “how will we pay for future college or career training?” We know that with rising costs college and career training can feel out of reach. We hope to provide both a jumpstart for families’ savings as well as provide financial education and resources so families can begin to take small steps towards their goals. Dexter families will be able to take advantage of this free resource and opportunity throughout their child’s education.”

She said Dexter Community Schools will be an important partner of the My Future Fund program.

“We hope to work closely with local schools to share information with families about this opportunity as well as collaborate on financial literacy and career awareness activities,” said Saylor.

The program’s goal is to provide equitable opportunities to local students and families in order to: increase college expectations; increase the number of students completing post-secondary programming; bring parents into the financial mainstream and address educational disparities exacerbated by COVID-19 by increasing resources to students in high poverty districts.

Looking ahead, Saylor told STN, “We are excited to launch the free savings accounts this summer for eligible students. We also envision providing career exploration and financial education for students and families. This is a long-term investment in our children, and we look forward to engaging with the Dexter community on this effort.”

To learn more, go to https://www.dexterschools.org/district/board-of-education/meetings
and look under the meeting packets tab for April 10 meeting, which will have the WISD My Future Fund presentation.