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.
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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.