Kickstart to Career
Child Savings Account
Congratulations on your child’s kindergarten school year at Buchanan Community Schools!
As part of the Buchanan Promise, provided and managed by the Michigan Gateway Community Foundation, your kindergartner has been given a FREE $50 College Savings Account at Honor Credit Union. (You may opt out by completing the form below. Contact the Community Foundation.)
This is a free, deposit-only account designed to encourage an early start to saving for the future cost of postsecondary education/training. Deposits are accepted from ANY source – your student, you as parents, family members, and relatives. The Community Foundation and its donors will also make some incentive matches over the life of your child’s account. Upon graduation from Buchanan, your student may be eligible for the Buchanan Promise scholarship. (Eligibility for the Promise Scholarship requires graduation AND residency within the Buchanan School District, the K2C program has universal eligibility) But there are other costs for training and education, and the Kickstart to Career account is another way to plan and prepare for your child’s successful journey through postsecondary education/training and on to their chosen career.
This savings account is restricted for use in paying expenses related to going to college, pursuing a trade or professional certificate, or any qualified education pursuit past High School. This account is NOT accessible until your student graduates High School. (Hardship withdrawals are allowed by application, see form below)
-
Kickstart to Career is a program designed to assist with post-secondary education expenses. The program is managed by the Michigan Gateway Community Foundation, with partner support from Honor Credit Union and the Buchanan Community Schools. Each kindergarten student attending kindergarten within the Buchanan Community School District has the opportunity to be the beneficiary of an account at Honor Credit Union opened with a $50 deposit from Michigan Gateway Community Foundation.
-
It is a Children’s Savings Account (CSA). This means the funds remain on deposit until the Michigan Gateway Community Foundation approves your withdrawal for future college and training expenses or until maturity. It is a deposit only account.
-
No. The Michigan Gateway Community Foundation is the owner of the account, but the funds are held in trust for you when you need them for post-secondary education.
-
Yes, your account earns interest.
-
Interest will be credited to your account before graduation from high school.
-
No. Michigan Gateway Community has opened each account with a deposit of $50. You may add to your child’s account by making deposits of any size at Honor Credit Union.
-
Your account is NOT subject to balance or transaction fees. It has been set up at Honor Credit Union as a free account as a service to you and the community.
-
Yes, additional deposits are encouraged and accepted at any time.
-
You can send in a a sealed envelope with your students name and suffix ID with your child on In-School deposit days or come into the Buchanan Honor Credit Union branch to make a deposit. You will need to provide your name and suffix-ID number for each deposit.
-
No. This is a savings account for the benefit of students. Only the limits imposed by Honor Credit Union would apply.
-
The Michigan Gateway Community Foundation will approve your qualified withdrawals for college expenses after with your graduation from Buchanan Community Schools.
-
If there are any funds remaining after students turns 25, you may request a withdrawal for the total of your private fund balance, including any earned interest.
-
You can contact the Michigan Gateway Community Foundation and complete an Education Completion Withdrawal form.
-
Please contact the Michigan Gateway Community Foundation to discuss the possibility of an early withdrawal of private funds. Michigan Gateway Community Foundation, as account custodian, will determine the eligibility of non-qualified withdrawals.
-
Please contact the Michigan Gateway Community Foundation to arrange an extension to the withdrawal date of your account.
-
Interest earned on private deposits NOT used for educational purposes may be subject to IRS reporting; please seek professional tax advice.
-
No, they are not.
-
Only Michigan Gateway Community Foundation can access account information as owner of the account. You may contact the Foundation for updates on balance during our regular business hours. We recommend that you keep track of your own deposit activity.
-
Yes. The match is dependent upon funds available and will be paid to your fund.
-
If you wish to keep the account, you are still considered a participant in the program and can continue to make deposits and request withdrawals for post-secondary education needs. It is your responsibility to keep your contact information current by contacting the Michigan Gateway Community Foundation.
-
If you wish to keep the account, you are still considered a participant in the program and can continue to make deposits and request withdrawals for post-secondary education needs. It is your responsibility to keep your contact information current by contacting the Michigan Gateway Community Foundation.
-
A parent or guardian can inquire about balances and update your address with the Michigan Gateway Community Foundation. Please email info@mgcf.org.
Kickstart to Careers FAQs & Resources
Click on any of the questions in the list for more information!
NOTES:
The size of the matching dollar benefit will be determined by such things as funds available, number of eligible enrolled students, and a giving incentive minimum amount by the student.
All kindergarten students may open an account.
Students may commence withdrawals from their account when they graduate from Buchanan Community Schools. If a student leaves the district before graduation, the funds in the account deposited by the student may be withdrawn. A portion of this withdrawal may be taxable income. Consult your tax professional. The initial deposit from Michigan Gateway Community Foundation and any matching dollars will be kept at the Foundation and redirected to new students entering kindergarten.