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IDA SAVINGS PROGRAM
The IDA Savings Program offers and conducting financial education opportunities. High school and beginning-college Tribal members are recruited to participate in specific savings and credit maintenance training, as well as participation in an Individual Development Account (IDA) program.
The IDA program will match, 2-to-1, the savings of IDA program participants. The idea is to give some of the overall financial education participants the opportunity to take part in the IDA program, whereby each participant opens and successfully manages a savings account as part of the program. OSTPH staff guides participants through the program.
Each participant in the IDA Savings Program must save $1,500 before they can receive $3,000 in match money from the program.
For further information or to see about enrolling in the Program, please contact us at (605)867-1555 or stop by the OSTPH office, #4 Fraggle Rock St.
CRITERIA FOR ELIGIBILITY:
The IDA Savings Program The Individual Development Accounts (IDAs) are special savings accounts that match the deposits of low- and moderate-income people. For every dollar saved in an IDA, savers receive a corresponding match which serves as both a reward and an incentive to further the saving habit.
Savers agree to complete financial education classes and use their savings for an asset-building purpose – typically for post-secondary education or job training, home purchase, or to capitalize a small business. In addition to earning match dollars, savers learn about budgeting, saving and receive additional training before purchasing an asset.
Once accepted, Participants between ages 16-36 will meet with the IDA Coach to complete the application process and schedule monthly meetings and Financial Literacy training: If saving for a home, the participant will have to take the Homebuyer Readiness course. If saving for a business, participants will be required to take the Business Planning course. If saving for education, participants will take part in webinars that pertain to college life; i.e. time management, study habits; how to conduct research; college life, searching for grants/scholarships, etc.
*Must complete Individual Development Application (IDA) with the following documents:
=Must be a member of a Federally recognized tribe & provide proof: Tribal I.D. or Certificate of Indian Blood (CIB);
=Must have verifiable income to save & be able to show proof of income;
=Must submit the most recent year tax return;
=Must complete Financial Literacy class & provide certificate
=Must be willing to save for one of three savings goals:
1. Home, down payment assistance
2. Start-up Business
3. Secondary Education
Once admitted to the program; you will be required to take additional classes to help you better understand your savings goal: If saving for a home, you will take Pathways Home Buyer Education; If saving for a Business, you can take the Business planning class with Lakota Fund; if saving for college, 20 activities for grades 9th-college, practical money skills.com.