You can have access to $1,800 for your child's college education through new program launched by 11th Street Bridge Park and Capital Area Asset Builders
Great news: Starting today, Ward 8 families with a student in a Ward 8-based elementary or middle public, private or charter school can enroll in EduSaveDC! Your family can have as much as $1,800 in the next 12 months to help you for your child's college education.
This program is run by Capital Area Asset Builders (CAAB) in collaboration with the 11th Street Bridge Park (a project of the Ward 8 non-profit Building Bridges Across the River and a member of the Anacostia Park and Community Collaborative), with the support of Capital One Bank.
Below is more information from CAAB:
What is an EduSaveDC Account? It's a type of savings account owned by you and CAAB at a bank in Washington, DC.
What is EduSaveDC? Under this innovative and unique children's savings account program, CAAB will maintain an EduSaveDC Account in your name and for every $1 you save (up to $300), we will deposit $5 (up to $1,500).
How much money do you have to save? You can save up to $300 to qualify for the maximum $1,500 match. There are no strings attached!
How much money will you receive at the end of EduSaveDC? If you save up to $300, then you will receive $1,500 from CAAB.
How much time do you have to save the maximum $300? You have between now and August 31, 2020 to achieve the savings goal of $300. Over 12 months, this means that you would have to save $25 a month to achieve the savings goal.
What can the EduSaveDC Account money be used for? Upon completion of the program, in September 2020 your savings plus earned match-total of up to $1,800-will be transferred to a College Savings Account / 529 Account in your name for the benefit of your child.
What can money saved in a 529 Account be used for? You can use this money to pay for your child's post-secondary education expenses: college, vocational or training school.
What are the requirements to participate? You have to be a Ward 8 resident; interested in saving for the benefit of your child's college success; and, have a child who attends an elementary or middle school in Ward 8, Your child's school can be a public, private or charter school.
Are there additional services provided as part of EduSaveDC? In addition to the $1,500 you can qualify for, you will receive free financial wellness classes, free credit counseling, free financial coaching and free tax preparation services.
When can you enroll in EduSaveDC? Now! Families will be enrolled in the program until all available spaces are taken.
Is there a cost to enroll and/or participate in EduSaveDC? No, you will not be charged anything to enroll and/or participate in the program.
Who can participate in EduSaveDC? Families residing in Ward 8 with a student at an elementary or middle public, private or charter school based in Ward 8.
Who should you contact to enroll in EduSaveDC? For further information and to sign up for the program, please send an email message to EduSaveDC@caab.org.
Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to create opportunities for low- and moderate-income individuals in the greater DC region to build financial security, savings, and wealth for the future. www.caab.org