Innovative Changes offers Individual Development Accounts (IDAs), a matched savings program that enables individuals/families with limited financial resources to save and build assets. IC$ IDA program is for those seeking to pursue post secondary education opportunities (anything beyond GED) at an accredited institution in order to further their career and their household financial resiliency. If you participate in the IDA program, you commit to saving at least $25 every month for a minimum of 6 months and a maximum of 3 years, participating in financial education classes and completing a career plan. Once you do this, you are eligible to receive a match of 3:1 for your savings. You can withdrawal this savings every semester or upon completion of the program and the money can go towards your school tuition and help you decrease your student debt. Come to an IDA Orientation to find out if you are eligible and the next steps for applying!
Upcoming IDA Orientations:
Attending an IDA Orientation is the first step to applying for the IDA. Our next orientations will be June 6th, from 530pm – 630pm & June 12th from 12pm – 1pm in suite 2010 of Lloyd Center Mall. To register for either orientation click here, or contact Misha: 503-249-5205 or email@example.com.
- Must be at least 15 years old
- Household net worth must not exceed $20,000, excluding one vehicle and a primary home
- Adjusted gross annual income of the household must not exceed one of the following by household size: 80% of area median income by county of residence, 80% of state median income, 200% of poverty.
- Household must provide documentation of all earned income
- Pre-savings: IC$ requires that applicants demonstrate their ability and commitment to the savings program by maintaining their own savings account and making deposits of at least $25 a month for two months in a row, without withdrawals, prior to the submission of their IDA application. Applicants will submit two months of bank statements for the account at time of application. The accumulated total of the two months savings, up to $75, or as allowed by VIDA, may be included in their IDA account as prior savings.
- Potential Savers must attend an IC$ Education IDA orientation prior to submitting an application.
- Potential Savers who are borrowers in IC$’ loan program must be in good standing with their loan(s) in order to apply. Being in good standing means that their loan is not in default.
- After attending the orientation, participants will be invited to apply based on IC$’ current enrollment priorities.
Can I save for my child?
Yes! You can save for a loved one as long as they will be able to use the funds within 6 months of completing the program.
How does the match work?
The match rate is $3.00 dollars of program funds for every $1.00 dollar of personal savings.
How much money can I deposit in my savings account?
You can deposit as much money as you want into your savings account, but you will only be matched $1000/year for up to 3 years. If you participate in the program for 3 years and save the maximum amount, you will graduate with $12,000 going to your education!
How much do I save in my IDA account each month?
It’s up to you! Based on your budget, you will work with your IDA Specialist to figure out the amount that is right for you to put in your IDA account each month. Your deposit has to be at least $25 every month.
What else is required of me if I participate in an IDA program?
Financial education is a requirement to receiving your IDA. This includes our five part Financial Household Resiliency workshops series: on Making Ends Meet, Budgeting and Saving, Hands-on Banking, Building, Repairing and Protecting Credit and Planning for Your Education.
For more information about other IDA programs visit the VIDA website.