Getting a college degree or becoming licensed in your trade can be expensive. The New Hampshire Community Loan Fund has revamped their Individual Development Account program to make paying for education so much easier.
Now you can receive an 8 to 1 match when you save up to $500 from household earnings for post-secondary education. That means if you save $500, they will add $4,000 for a total of $4,500 to pay for tuition and fees. Only need $1,800? Then save $200. The only catch is that someone in the household must have earned income; but, the money you deposit can come from your income tax return instead of your paycheck. You have up to 12 months to save and 18 months to use the match money.
After six months of saving and eight hours of financial education you can start withdrawing funds. Want to start school in the fall? Apply for an account now, start saving in March, and have money available for tuition in September! High school seniors can also apply or a parent/guardian can apply for them.
New Hampshire Housing is one of the Community Loan Fund’s many partners. If you receive rental assistance through our Housing Choice Voucher (Section 8) Program, we have coaches who will help you with the IDA application process. Contact us at 1-800-439-7247 Ext. 9211 or email email@example.com for more information or to apply.