Arizona State University Education Individual Development Account (ASU Education IDA) model administered by Live the Solution (LTS) will be for the benefit of prospective students of Arizona State University (ASU) and their families. ASU requests $250,000 to create the ASU Education IDA program. The ASU Education IDA program is aligned with the Arizona Board of Regents 2020 Vision goals. Part of the 2020 Vision is to increase the educational attainment of Arizona citizens, which includes ensuring that low income students can overcome financial barriers and participate in college. The ASU Education IDA program will accomplish this by providing support to Arizonans with limited financial resources in saving for college. The ASU Education IDA program will be a matched savings account (also known as an individual development account, or IDA) for Arizona's future students to pursue postsecondary education. College participation among Arizonas low income families is significantly below the national average and likely to get even worse without strategic interventions. In 2006, only 16% of children from low-income families went to college compared to over 23% nationally.1 Accumulation of assets is the key to the improvement of the economic condition of low-income households. The ASU Education IDA program will strengthen future students and families by providing them with the financial knowledge to build wealth through savings and financial education. Participants who successfully complete all components of the IDA program will receive a 4:1 match. Each participant will have the opportunity to save up to $1000 and will receive in matching funds an additional $4000 towards tuition costs at Arizona State University. Chase Bank is the primary financial institution partner housing the IDA accounts for the ASU Education IDA program. Live the Solution, a registered 501(c)3, will be administering the program for ASU as a subcontractor. The ASU Education IDA program anticipates that 106 participants will successfully complete the program and attend ASU over the 5 year period of the Assets for Independence grant cycle. The goal of the ASU Education IDA program is to identify future ASU students and their families who are at or below 200% above the federal poverty line. Often these families are first-generation and do not consider postsecondary education as a goal. The ASU Education IDA program will help make postsecondary education an important goal and to address the overall financial health of the families. The IDA Model provides comprehensive tools and resources through financial education, asset specific training, case management, one on one counseling, and savings goals to begin the process of elevating these families out of poverty.
|Effective start/end date||4/1/12 → 3/31/18|
- HHS: Administration for Children and Families (ACF): $283,600.00