Assets for Independence Grant to Help Families Save More for College

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.

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