Through EduSaveDC You Can Have Access to $1,800 for Your Child's College Education!
Great news: Starting today, low- to moderate-income Ward 8 families with a student in a Ward 8-based elementary or middle public, private or charter school can enroll in EduSaveDC!
- What is an EduSaveDC Account? It's a type of savings account owned by you and CAAB at a bank in Washington, DC.
- What is EduSaveDC? Under this innovative and unique children's savings account program, CAAB will maintain an EduSaveDC Account in your name and for every $1 you save (up to $300), we will deposit $5 (up to $1,500).
- How much money do you have to save? You can save up to $300 to qualify for the maximum $1,500 match. There are no strings attached!
- How much money will you receive at the end of EduSaveDC? If you save up to $300, then you will receive $1,500 from CAAB.
- How much time do you have to save the maximum $300? You have between now and August 31, 2020 to achieve the savings goal of $300. Over 12 months, this means that you would have to save $25 a month to achieve the savings goal.
- What can the EduSaveDC Account money be used for? Upon completion of the program, in September 2020 your savings plus earned match-total of up to $1,800-will be transferred to a College Savings Account / 529 Account in your name for the benefit of your child.
- What can money saved in a 529 Account be used for? You can use this money to pay for your child's post-secondary education expenses: college, vocational or training school.
- What are the requirements to participate? You have to be a Ward 8 resident; your income must not exceed $121,300; you must be interested in saving for the benefit of your child's college success; and, you must have a child who attends an elementary or middle school in Ward 8, Your child's school can be a public, private or charter school.
- Are there additional services provided as part of EduSaveDC? In addition to the $1,500 you can qualify for, you will receive free financial wellness classes, free credit counseling, free financial coaching and free tax preparation services.
- When can you enroll in EduSaveDC? Now! Families will be enrolled in the program until all available spaces are taken.
- Is there a cost to enroll and/or participate in EduSaveDC? No, you will not be charged anything to enroll and/or participate in the program.
- Who can participate in EduSaveDC? Families residing in Ward 8 with a student at an elementary or middle public, private or charter school based in Ward 8.
- Who should you contact to enroll in EduSaveDC? For further information and to sign up for the program, please send an email message to EduSaveDC@caab.org.
About Capital Area Asset Builders
Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to create opportunities for low- and moderate-income individuals in the greater DC region to build financial security, savings, and wealth for the future.
Connect with CAAB via our social media platforms:
- Twitter: @CAAB_GreaterDC
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