Montana CUs Partner On College Tuition IDAs
BILLINGS, Mont. – Credit unions, through Montana Credit Unions for Community Development, have partnered with the University of Montana to offer matched education savings accounts for students who begin saving some money directly for college expenses such as tuition and books.
For every $1 qualified students save, the program will match with $3. To qualify, students must be Montana residents pursuing their first bachelor’s or associate’s degree and be below twice the federal poverty line. Those who qualify must prove they earn an income and must complete an online financial education program and one-on-one financial counseling.
Students must save at least $25 per month for six consecutive months to receive matching funds, which the program caps at $1,500 per student.
A federal grant matched a $45,000 contribution from the UM Office of Financial Aid and $12,500 from the Student Assistance Foundation.