A program designed to invest $5,000 each on behalf of 300 eighth graders around the region restarts today with a new nonprofit at the helm and applications again open.
The St. Louis Junior Bonds program, previously called On Our Block, got its initial $1.5 million start from the James S. McDonnell Foundation and was designed to be a sped-up version of the “baby bonds” programs that give families an account seeded with money at birth. (The “so-called “Trump Accounts” launched by the White House recently are just the latest iteration of that idea, which has St. Louis roots.) In this case, eighth graders will be given an account in the fund, each seeded with $5,000. Once they graduate from high school, they can use their portion to pay for higher education, purchase a home, start or buy a business, or open a retirement savings account.
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The program started looking for seventh graders last June with New Jersey-based Mobility Capital Finance Inc., also known as MoCaFi, serving as its administrator. But MoCaFi is no longer working on the project. The Scholarship Foundation of St. Louis will instead be working to recruit and process applicants.
Faith Sandler, executive director of the Scholarship Foundation of St. Louis, says the organization’s close relationships with local school districts should be a boon in finding participants. “We have more deeply rooted it in the St. Louis region,” she says. “So much of it was previously designed and delivered digitally, and that meant that it would have been hard for students and parents to find a real person to talk to on the ground in St. Louis, and more importantly, I think, to know who is behind it and that it’s trustworthy.”
The goal, however, is a seamless process: If families applied previously, they will learn today whether they’ve been selected. The Scholarship Foundation plans to then move quickly to fill all remaining spots by June 1. Sandler estimates that 200 slots are currently available.
Participating families must meet income requirements by being at or below 80 percent of the 2025 median income for St. Louis County. They must also reside within—although they don’t have to be enrolled in—the following school districts: the St. Louis Public Schools, the Ferguson-Florissant School District, the Hancock Place School District, the Hazelwood School District, the Jennings School District, the Normandy Schools Collaborative, the Ritenour School District, the Riverview Gardens School District, and the School District of University City.
Sandler feels confident that her organization can get all 300 slots filled by June. “We’ve been giving people free money at the Scholarship Foundation since 1920, and it’s always a little hard initially for people to believe,” she says. “I think it’s logical when you’re a parent of a middle schooler to be protective of sharing your family’s information until you have a relationship.” Now, however, she says, “I think St. Louisans are going to be able to look at the information and say, Oh, I see, this is familiar. I’ve never heard of such an exciting program, but let me get on board.’”
