A
collaborative of six MnSCU colleges has received a five year $1 million grant
from the Department of Health and Human Services under the Assets for
Independence (AFI) program. The award will enable a minimum of 700
Pell-eligible students to receive additional funding for tuition and fees in a
unique arrangement that encourages both private support of scholarships and
student saving.
“Our
colleges and universities are places of hope and opportunity for communities
that have been traditionally underserved by higher education, including
students with the greatest financial need,” said Steven Rosenstone, chancellor
of Minnesota State Colleges and Universities. “Programs like this help students
cover the costs of their education and create a better future for themselves,
for their families, and for their communities.”
Under
the program, student savings of up to $960 can qualify for 150 percent matching
contributions from both AFI and the college foundation for a total match of
three dollars for every dollar the student saves. Participating students are
required to take a course in financial management and engage in career
counseling.
“This
unique arrangement provides assistance directly to students with the greatest
financial need, helps them develop financial management skills, encourages them
to get in the habit of saving, and provides them with tools to make wise career
decisions,” said Gail Morrison, executive director of the Inver Hills Community
College foundation. “The impact of the 3:1 match is also very attractive to
many donors, giving foundations a powerful tool for raising additional
scholarship funds.”
MnSCU
colleges collaborating in this program (under the name TuitionMatchMN) include
Inver Hills Community College (lead institution), Dakota County Technical
College, Century College, Hennepin Technical College, Minneapolis Community and
Technical College, and Saint Paul College. Students may apply for the program
beginning fall semester 2014. Initial awards will be issued fall semester 2015.
Statewide, 38 percent of MnSCU students receive Pell grants.
Assets
for Independence is a community-based approach for giving low-income families a
hand up out of poverty. Utilizing existing individual and community assets, AFI
strengthens communities from within through the use of matched savings
accounts. Through financial education, AFI demonstrates the use and impact of
saving to help low-income individuals move toward greater self-sufficiency.
