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.

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, applicants 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, applicants 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

Qualified customers must complete 35 hours of ECDI 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 business plan, proof of business existence and an invoice for their prospective purchase, ECDI provides a check for the asset purchase.

Please contact the ECDI Asset Development Department for more information.

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475 E. Mound St. ·  Columbus, OH 43215 · (614) 559-0115 ·  Fax: (614) 732-0986

Updated: February 11, 2008