Crawford-Sebastian Community Development Council, Inc.
Cash for College:
Individual Development Account (IDA)
C-SCDC Individual Development Account encourages residents of Crawford or Sebastian County to become a “saver”. This program helps by teaching the client how to manage money and the importance of saving. By saving $500 we will match a college student with an additional $2,000. The student must interview with our IDA Specialist at C-SCDC, open a savings account at a member bank and attend one 8-hour Financial Fitness class (unless the student has already attended a finance class at the University). IDA savings are not counted as income, resources or assets for any State, Municipal or Federal programs that base eligibility on need. DEADLINE TO APPLY IS JANUARY 30, 2016
What is required?
To be eligible the student household must be below 200% poverty level as shown below:
|# of people in household||Income Limit|
Must live in Sebastian or Crawford Counties. Student must not have more than $10,000 in assets. Student must receive non-federal scholarship funds equivalent to the match dollars. (AR Challenge or other) Pell grants are not eligible sources. Have already spoken with a Financial Aid Advisor. Must attend one Financial Fitness Class with CSCDC or equivalent course at the University. To apply, call 479-785-2303 to make an appointment and fill out application. After meeting with IDA Case Manager must have IDA bank account opened within 14 days of appointment. Must save monthly from time of account opening until goal savings amount is met.
IDA Q&A How much do I have to save?
- Minimum savings to be put into your account each month is $25.00
How much will I receive if I complete my savings goal?
- Once you save $500.00 you will be funded $2,000
When should I start my IDA to pay for fall or spring semester?
- Open your account by February to pay for Fall Semester, or Open your account by June to pay for spring the follow in year.
How can I spend my money?
- IDA grant money can be used to pay for tuition, purchase books or school supplies such as, computers or tablets. Any purchases made must be made through the Universities book store, all checks are written to the University, no third-parties.
How many times can I use the IDA to pay for my college education?
- Once per grant period, which is every 5 years.
How will I receive the money to pay for what I need?
- All money is received by paper check made by CSCDC. Checks can either be mailed to the University or picked up by student.
How do I get started?
- By filling out an application, click here: IDA Application
What do I need to bring for appointment?
- Previous year’s tax return
- Social Security Card & I.D for applicant
- Months’ worth of check stubs
- Current bank statements (if applicable)
- Proof of all assets (if applicable)
- Credit card statements/Loans/medical bills (that are being paid on)
- Monthly Mortgage (If applicable, not rent)