Post-Secondary Education Tuition Assistance IDAs
ECDI can help you open a savings account for education tuition, meet a savings goal and receive money from one of our valued funding sources, through ECDI's IDA Program.
Individual Development Accounts (IDAs) are matched-savings accounts for low-to-moderate income individuals that encourage post-secondary education assistance. Customers save a certain amount of money, which is then matched with grant money from local and federal sources. The savings and matched dollars can be used towards post-secondary education tuition, text books and more.
*Certain restrictions apply and are subject to change. Upon the completion of the ECDI general application form and the submission of all required information to an ECDI staff member, you will be required to submit a non-refundable $25 application fee (in cash, check, credit card or money order) to enroll in an ECDI Individual Development Account.
ECDI currently has post-secondary education assistance IDA grant money available through the following funding sources.
Ohio Department of Job and Family Services:
IDAs are available for post-secondary education assistance. To qualify for this program, you must-
- Be 18 years of age or above, and be a resident of Ohio.
- Have at least one dependent, under the age of 18, living in the home.
- Be employed and have an annual household income at or below 200% of the Federal Poverty Level (see table below).
- Not have assets valued at or above $10,000 (excluding primary residence and one automobile).
- Enroll in and complete ECDI’s Financial Literacy classes and counseling with a financial-aid representative.
Office of Refugee Resettlement:
IDAs are available for post-secondary education assistance. To qualify for this program, you must-
- Be a refugee or asylee.
- Be a resident of Franklin County.
2008 Federal Poverty Guidelines (200% Income Level)
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
200% FPG (monthly) |
$1,733 |
$2,333 |
$2,933 |
$3,533 |
$4,133 |
$4,733 |
$5,333 |
$5,933 |
200% FPG (annual) |
$20,800 |
$28,000 |
$35,200 |
$42,400 |
$49,600 |
$56,800 |
$64,000 |
$71,200 |
- Add $7,200 at 200% of poverty (annual) for each additional household member.
- Add $600 at 200% poverty (monthly) for each additional household member.
Additional Information
Qualified customers must complete 8 hours of ECDI Financial Literacy or comparable training, open a custodial savings account, and save an agreed upon amount of money. To remain eligible, customers must deposit $20 or more each month. Customers cannot withdraw funds from the IDA without ECDI’s authorization, but are authorized to make deposits. After saving the money, providing a satisfactory plan, proof of enrollment and an bill for their tuition or an invoice for a qualified education expense, ECDI provides a check for the asset purchase.
Please contact the ECDI Asset Development Department for more information.
