Matched Savings for Education Program

 

We will offer eligible applicants the opportunity to save for education, participate in financial training classes and receive individualized coaching. You will benefit from higher wages through training and education!

How It Works

What you do:

  1. Complete an approved series of Financial Literacy Trainings
  2. Deposit $45-$85/month for 6-12 months to reach a $500 savings goal
  3. Attend 4 hours of career and education counseling with your academic institution

What we do:

  1. Create your FDIC-Insured Bank Savings Account
  2. Match your savings with $8 for every $1 you saved. Your $500 becomes $4,500
  3. Use the matched funds to pay your cost of education

 

Eligibility Requirements

Applicant household must be eligible for Temporary Assitance for Needy Families (TANF)
                       -or-

The following two citeria:

  1. Household income is either less than 200% of the Federal poverty line at the time of the application or within Federal Earned Income Tax Credit limits.
  2. Household net worth is less than $10,000 at the end of the previous calendar year. (With the exception of one home and one vehicle)

 

Reference your annual net income with the family/household size and income amounts listed below

 

2016 POVERTY GUIDELINES FOR THE 48 CONTIGUOUS STATES
AND THE DISTRICT OF COLUMBIA

Persons in family/household

Poverty guideline

Adjusted for 200%

1

$11,880

$23,760

2

$16,020

$32,040

3

$20,160

$40,320

4

$24,300

$48,600

5

$28,440

$56,880

6

$32,580

$65,160

7

$36,730

$73,460

8

$40,890

$81,780

For families/households with more than 8 persons at 200% poverty, add $8,320 for each additional person.

 

 

If you are interested in applying click the registration button listed below!

For additonal information please refer to our promotional flyer.