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District signs on to baby-bonds pilot; 59 Ferguson-Florissant seventh-graders targeted for $5,000 accounts
Summary
District leaders heard a presentation on a pilot that would seed Edward Jones-managed $5,000 accounts for eligible seventh graders; applications open the week of May 12, selection is by lottery and accounts are funded via a James S. McDonnell Foundation grant managed by Mobility Capital Finance (Mokofi).
District staff and a partner from Mobility Capital Finance (Mokofi) outlined a baby-bonds pilot that will seed investment accounts for eligible seventh graders in six St. Louis-area districts.
Mokofi representative Eddie Mungai described the on‑going pilot, saying participating seventh graders will be guaranteed a $5,000 Edward Jones–managed investment account. “This is a baby bonds program to give youth access to assets at an early age,” Mungai said. The pilot covers 300 seventh graders across six districts; Ferguson-Florissant was allotted 59 slots.
Mungai said the pilot is funded by a grant from…
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