Students in Washtenaw County awarded million in free savings accounts, with an additional million still up for grabs.

My Future Fund: Transforming the Educational Landscape in Washtenaw County

In a remarkable initiative aimed at increasing educational opportunities and financial literacy among young students, My Future Fund is making waves in Washtenaw County. Launched last year, this innovative savings account program has already made significant strides in helping families prepare for their children’s future education. In its inaugural year alone, My Future Fund invested a staggering million into over 16,000 free college and career savings accounts, with a goal to empower families across the county.

One of the standout features of My Future Fund is its commitment to inclusivity. The program is largely funded by .9 million from Washtenaw County’s American Rescue Plan and an additional .78 million from the county’s general fund. This financial backing enables the Washtenaw Intermediate School District (WISD) to administer the program effectively, ensuring that it reaches as many families as possible. Every student in second through seventh grades in the county was automatically enrolled in the program with an initial deposit of , unless their family chose to opt out. Recently, the initiative has even extended to first-graders, opening the door to even more students.

What truly sets My Future Fund apart is the opportunity it presents for families to receive matching funds. Families who meet specific income requirements can qualify for an additional 5 in their savings accounts, but this requires a brief income eligibility check by WISD. As My Future Fund Coordinator Sara Saylor emphasizes, this process is straightforward and takes just five minutes to complete. With interest compounding over time, this simple check can lead to a significant return, with some families potentially seeing their investment grow to 0 or even ,000 by the time their children graduate.

The program has a crucial deadline approaching—November 30—by which families must claim the additional matching funds for the next round of deposits. Saylor points out that meeting the eligibility criteria is essential, as the funds will be deposited into participating accounts next year in 2025. To facilitate this process, WISD recently hosted a ceremony to celebrate the schools and districts with the highest participation in the program, handing out “Dream Big” and “Above and Beyond” awards. This initiative not only encourages participation but fosters a community spirit focused on educational advancement.

Despite the resources available, Saylor reveals a concerning statistic: only about half of the eligible families have taken the steps to apply for the additional funds. This means that many students who could benefit from the program are potentially missing out. Saylor states, “There’s a big push because there’s a deadline… if more families understood how easy it is to qualify for these funds, participation would likely surge.”

The importance of such programs cannot be overstated. Research shows that even a modest amount of financial assistance can significantly enhance a student’s likelihood of pursuing higher education. My Future Fund serves a dual purpose: it aims not just to fund education but also to foster financial literacy among families. Saylor hopes that parents and guardians will be inspired to start their savings accounts, further enhancing financial stability in their households.

“Our primary goal is to help them see themselves as someone who can pursue education after high school,” says Saylor, reflecting the program’s broader ambition to transform the educational landscape in Washtenaw County.

The initiative’s success hinges on community awareness and participation, and families are encouraged to visit the official My Future Fund website for more information. There, they can find resources to help determine if they qualify for the 5 bonus and learn more about how to take advantage of the program’s offerings.

With about million still available in matching funds, there is an urgent call to action for families in Washtenaw County: take the brief moment necessary to unlock educational opportunities for your children. This fall, let’s ensure that no eligible student is left behind in this transformative initiative, paving the way for a brighter and more far-reaching future for all.

For further details and assistance, families can visit My Future Fund.

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Sarah Rigg, a freelance writer and editor based in Ypsilanti Township, has been an advocate for community-focused journalism since joining Concentrate in 2017. She specializes in solutions-based reporting that shines a light on opportunities for growth in local communities. For more information, you can reach her at sarahrigg1@gmail.com.