First 5 Futures is a First 5 Sonoma County program that provides a FREE College Saving Account to eligible children age 0-5.
First 5 Sonoma County will make an initial deposit of $500 for every eligible child. Families participating in this program have the opportunity to receive up to an additional $200 in incentives.
Using grant funds from the City of Santa Rosa and the California Student Aid Commission, First 5 Sonoma County will allocate up to $700 to every First 5 Futures Program account. The amount will be invested on behalf of the child (beneficiary). The funds will be available for withdrawal after the beneficiary graduates from a high school and enrolls in a college or career education program. Through the First 5 Futures program, families are also encouraged to open individual accounts for their children so they can contribute and save for their future.
First 5 Sonoma County’s First 5 Futures Program envisions that every child age 0-5 (beneficiary) will have two savings accounts. First 5 Sonoma County will setup the first account for the child with ScholarShare529. ScholarShare is a 529 college savings plan for the State of California. First 5 Sonoma County will use this account platform to invest $500 in an investment plan for every child who is participating in a First 5 funded program offered at a Family Resource Center with the opportunity for additional incentives after completing a qualifying program.
The second account can be established directly by a parent or guardian of the child. First 5 Sonoma County has partnered with Family Resource Centers across Sonoma County to assist families in setting up individual college savings accounts.
Parents or guardians will be able to access account balances on both accounts through Outcome Tracker, a designated program management system.
Parent-owned 529 account Incentive – parent/caregivers who open their parent-owned ScholarShare529 account with a minimum deposit of $25, First 5 will deposit $100 into their child’s First 5 Futures account.
It’s easy! Simply fill the First 5 Futures Program Registration Form
Research shows that children from families who save between $1-$499 for education are 3x more likely to attend college and 4x more likely to graduate, compared with those with no college savings.
When you save and invest now, the money you save can grow and be worth much more.