Main: AFI 5 - ASU Education Individual Development Account Program

Project: Research project

Description

Arizona State University Education Individual Development Account (ASU Education IDA) model administered by Live the Solution (LTS) will benefit prospective students of Arizona State University (ASU) and their families. ASU requests $1,000,000 to expand the ASU Education IDA program: ASU Earn to Learn.
The ASU Earn to Learn 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 achieve their postsecondary educational goals. The ASU Earn to Learn program will accomplish this by providing support to Arizonans with limited financial resources to save for college.
The ASU Earn to Learn program will be a matched savings account (also known as an individual development account or IDA) for Arizona's future students to pursue post-secondary education. College participation among Arizonas low-income families is significantly below the national average and likely to get even worse without strategic interventions. In 2013, only 29% of Arizona children from low-income families went to college compared to 38% nationally. Accumulation of assets is the key to the improvement of the economic condition of low-income households. The ASU Earn to Learn 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 an 8:1 match. Each participant will have the opportunity to save up to $500 and will receive in matching funds an additional $4,000 towards tuition costs at ASU. Alliance Bank is the primary financial institution partner housing the IDAs for the ASU Earn to Learn program. Live the Solution, a registered 501(c)(3), will be administering the program for ASU as a subcontractor. The ASU Earn to Learn program anticipates that 431 participants will successfully complete the program and attend ASU over the 5 year period of the Assets for Independence (AFI) grant cycle.
The goal of the ASU Earn to Learn program is to identify future ASU students and their families who are at or below 200% above the federal poverty line. Often, these students are also potential first-generation college students and face multiple obstacles to reach the goal of post-secondary education. The ASU Earn to Learn program will help make post-secondary education accessible to students and families by diminishing the financial obstacles that many face. 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.
StatusActive
Effective start/end date9/30/169/29/21

Funding

  • HHS: Administration for Children and Families (ACF): $731,618.00

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university education
assets
low income
student
secondary education
savings
poverty
subcontractor
case management
first generation
resources
grant
counseling
education
bank
housing
citizen