The US Department of Health and Human Services recently awarded the Youth Policy Institute an Assets for Independence grant to expand and enhance the Families Save: College Bound Savings program serving the communities of Hollywood and Pacoima in the Los Angeles Promise Neighborhood.
Individuals who complete Families Save financial literacy education are eligible to open a matched savings account. With the additional funds, we are able to significantly increase the match amounts, resulting in better incentives to save. Participant savings are matched 3:1 and they can receive additional bonuses for good saving behavior. With deposits, match, and bonuses, participants can save up to $981, which covers one year of expenses for local community colleges.
Participants are encouraged to save for postsecondary education, but can also use the savings to purchase a home or start a business. The program focuses on 10 Promise Neighborhood schools with students in 8th - 12th grade who will benefit most from college savings accounts.
Our goal is for 1,300 participants to receive the full match amount over the five year grant period.