Individual Development Account (IDA)

Through our youth IDA program, students can earn extra money for college. The Minnesota state government will match money saved towards college at a 3:1 rate. Over the course of two years, students can save up to $960, and the government will match it with $2,880. Altogether, students can save up to $3,840 for college over two years.

Family Assets for Independence in Minnesota (FAIM) provides matching for IDAs. A family must be at or below twice the poverty line to qualify for FAIM programs.

PERSONS IN HOUSEHOLD FAIM GUIDELINE
1 $23,340.00
2 $31,460.00
3 $39,580.00
4 $47,700.00
5 $55,820.00
6 $63,940.00
7 $72,060.00
8 $80,180.00

Set up a meeting with your TORCH counselor to learn more! IDAs can be a great way to save money for college, or even for launching a small business or buying a home. You can learn more about IDAs here.