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.