ASI FCU Launches College Savings Program
NEW ORLEANS – ASI FCU has partnered with KIPP Renaissance High School and the Keller Family Foundation to create a college savings plan for families with children enrolled in KIPP in New Orleans’ lower income Upper Ninth Ward.
The “Bridge to Start” program encourages families to open savings accounts for their students and make deposits they can comfortably afford on a monthly basis. ASI, with a grant from the Keller Family Foundation, will provide a 2:1 match up to $50 for any participating KIPP Renaissance family. Participating families who save $50 can end up with $100. KIPP has also pledged $30,000 of its own funds to participate in this match.
At the conclusion of the academic year, the families’ accounts – including matched funds – will be placed into Student Tuition Assistance and Revenue Trust (START) accounts through the State of Louisiana’s 529 Program. START accounts are tax-free education savings accounts that allow families to earn interest on their college savings.
“The objective of this program is to give disadvantaged families an opportunity not only to save for college, but to help underbanked or unbanked families be brought into the financial mainstream,” said Mignhon Tourne, president of the $300 million credit union.