Individual Development Account (IDA) program in DelCo

Posted by on September 7, 2009

CAADC, in partnership with the United Way of Southeast Pennsylvania’s Wachovia Scholarship Program, has a unique opportunity available to qualified students in Delaware County. The new Individual Development Account (IDA) program is designed to help economically disadvantaged individuals acquire assets by helping them to establish a pattern of regular saving, participating in financial literacy training and providing an incentive for saving in the form of match money. Individuals can save up to $1,000 for post-secondary education expenses and receive a match on their savings at a rate of 3:1 (up to $3,000). The saving period is 6 months with a minimum savings requirement of $500 and a maximum of $1,000.

CAADC, however, has only been granted a limited number of slots so it is a competitive process for this great opportunity. Applicants must be income-eligible and complete an application which includes an essay about themselves and their future plans. Interested applicants should contact Terrance Capers at (610) 874-8451 or [email protected].

http://www.caadc.org/ida.pdf