Matched Savings for Education
Oregon Individual Development Account
WHAT IS THE IDA (Individual Development Account ) GRANT?
Individual Development Accounts, or IDAs, are matched savings accounts that build the financial management skills of qualifying Oregonians with lower incomes, while they save towards a defined goal. IDAs build pathways of opportunity and create models of economic success in Oregon communities. Over a period of 6 months to 3 years, grantees save money to pursue either an educational path, business plan, or improvement to anexsiting busness. With every $1 dollar they save, $3 will be granted to them as a match, up to a total grant of $9,000 matching.
AM I ELIGIBLE FOR AN IDA GRANT?
You may qualify if you can say “yes” to each of the following:
- I am at least 12 years old.
- I have verifiable income, and my income is within the Income Limits.
- My net worth is less than $20,000 (what you own minus what you owe – with one home, one vehicle, and up to $60,000 of retirement savings excluded).
- I am an Oregon resident.
- I am willing to attend financial education classes.
- I can save a minimum of $25 monthly towards my asset goal.
- I can commit to saving for at least 6 months.
Find out more about the IDA Here.