Matched Savings for Education

Matched Savings for Education

with the

Oregon Individual Development Account

WHAT IS THE IDA (Individual Development Account ) GRANT?

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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.

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AM I ELIGIBLE FOR AN IDA GRANT?

You may qualify if you can say “yes” to each of the following:

  1. I am at least 12 years old.
  2. I have verifiable income, and my income is within the Income Limits.
  3. 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).
  4. I am an Oregon resident.
  5. I am willing to attend financial education classes.
  6. I can save a minimum of $25 monthly towards my asset goal.
  7. I can commit to saving for at least 6 months.

Find out more about the IDA Here.