Child Saving Account Program

First 5 Futures is a First 5 Sonoma County program that provides a FREE College Saving Account to eligible children age 0-5.

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.

FAQ FIRST 5 SONOMA COUNTY

Frequently Asked Questions

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 up to $700 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.

  • Children must be ages 0 to 5 years old
  • City of Santa Rosa residents
  • Household Adjusted Gross Income of $75,000 or less (no verification required)

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.

A 529 plan is a tax-advantaged investment plan designed to help families to save for a beneficiary’s (typically one’s child or grandchild) future higher education expenses.

Scholarshare is the California State 529 plan, a tax-advantaged investment vehicle designed to encourage saving for the future higher education expenses of a designated beneficiary.

It’s easy. Most families enroll online at ScholarShare529.com. Paper applications are also available if families prefer.

What you will need:

  • The date of birth and Social Security or federal taxpayer identification number (ITIN) for the beneficiary and account owner.
  • The date of birth for the beneficiary account owner, should you choose to designate one.
  • Select an investment portfolio that matches your investment saving objectives.
  • If you are enrolling in a recurring contribution program, you will need the account and bank routing number from your checking account.
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