If you are saving for future educational expenses, you may have an opportunity to have every dollar of your earnings matched by three additional dollars by an Oregon program called the Individual Development Account (IDA) Initiative.
To join the program, you and your family will need to meet the following condions:
You are an Oregon resident
You are at least 12 years old
You have a household income of 200% of the poverty line
200% of the poverty line means that your annual family income must be less than or equal to approximately:
$31,000 for a family of 2
$40,000 for a family of 3
$48,500 for a family of 4
$57,000 for a family of 5
$65,000 for a family of 6
$73,000 for a family of 7
$81,000 for a family of 8
If you are not a dependent of you parents, then it may be easier to meet these targets.
You have a Net Worth of less than $20,000
You can save regularly (plan on at least $25 a month for a minimum of 6 months)
You are willing to complete financial education classes and gain skills
The largest matching amount you can receive in a 12 month period is $3,000. Thus, if you save $1,000 and you receive a match of the maximum $3,000, you will have $4,000 in savings at the end of that 12 month period.
To apply, contact one of these organizations in Lane County. Nancy Glines (the last name on the list) comes to Florence on a regular basis and will be pleased to meet with any students who are interested in the program. You may contact her directly at email@example.com or call her at 541-681-5820 ext. 142.