Goshen College and LaCasa, Inc. partner to help more than 150 students save for college and receive up to $4,000
Goshen College has received a $353,000 grant from the U.S. Department of Health and Human Services, in partnership with LaCasa, Inc., to provide a unique financial aid offer to more than 150 incoming low-to-moderate income students over the next few years. The project is called the “Goshen College Individual Development Education Accounts (IDEA).”
Students participating in the IDEA program will set up matched savings accounts, which are a proven way to help low-to-moderate income individuals and families develop their financial and educational assets, and transform the economy around them.
IDEA is a needs-based grant program that teaches financial literacy while rewarding students and families who are committed to saving money to attend Goshen College with up to $4,000 of matching grant funding. Utilizing special matching savings accounts (called Individual Development Accounts or IDAs), qualifying students who make deposits for at least six months and meet their $500 savings goal prior to attending Goshen College will earn $4,000 to pay for tuition, books and other college-related expenses.
But the student commitment goes beyond just saving money. Additionally, the program requires and provides financial education and loan counseling for all participants, and they participate in the college’s Pathways to Careers activities.
The project — available for incoming low-to-moderate income students for any Goshen College degree program — will empower more low-to-moderate income students to successfully complete college with a degree and with less debt, as well as be better prepared for post-college careers. It will enlist students as investors in their college success, giving them a personal stake in their success. The program will empower them with financial literacy to ensure they can navigate their personal financial responsibility and improve their economic mobility.
“We are thrilled to be collaborating with LaCasa on this important project that will be transformative for so many future students and their families in making this quality college education even more accessible for all,” said Joel Short, director of financial aid at Goshen College.
Larry Gautsche, president of LaCasa, added, “LaCasa was an early innovator at the national level, utilizing individual savings accounts to create assets of homeownership and education for low income families. This innovative partnership with Goshen College is a first for Indiana, doubles the number of persons impacted and the impact on our local economy.”
Students interested in the program and in attending Goshen College for Fall 2017 should contact the Goshen College Financial Aid Office for more information: 844-644-5500 or finaid@goshen.edu.
Goshen College and LaCasa are two of only four Indiana institutions to receive Assets for Independence grants from the Office of Community Services, U.S. Department of Health and Human Services, and one of only 12 higher education projects in the nation. Individual Development Accounts provided by AFI grants can be used to purchase a first home, capitalize or expand a business or fund post-secondary education or training.
The Goshen College-LaCasa partnership is modeled after the Earn to Learn Program in Arizona, which has shown great success in giving greater opportunities to students from low-income households and resulted in high college retention rates.