“AZ Earn to Learn” at state universities
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Arizona State University, Northern Arizona University and the University of Arizona in partnership with the Arizona-based, non-profit organization, Live the Solution, have launched “AZ Earn to Learn,” an innovative, need-based financial aid program that pairs $3.1 million in scholarships with more than 700 students from low-income families. Participation in “AZ Earn to Learn” includes a savings plan along with completion of financial literacy and college readiness training.
Students in the 11th and 12th grades can earn $8 for every $1 they save for college tuition, books and approved education-related expenses. The scholarship program is a multifaceted financial education program designed to provide low- to moderate-income students the opportunity and incentive to save for a college education.
“‘AZ Earn to Learn’ will help give students a leg-up on their educational costs, while giving them the tools they will need later in life for good financial planning,” said Kate Hoffman, executive director of Live the Solution. “Learning to save at an early age is invaluable to future financial well-being, and a proven way to make a lasting impact on families’ lives.”
High school students in Arizona planning to attend one the state’s three public universities qualify. Participants will:
- Receive one-on-one financial coaching
- Receive assistance in creating a personalized budget
- Gain valuable financial skills through personal finance workshops
In addition, eligible students must save at least $25 per month in a special Individual Development Account (IDA) for a minimum of six months after enrolling in the program and come from families that earn less than 200 percent of the federal poverty level.
Alliance Bank of Arizona will serve as one of the strategic financial institution partners for “AZ Earn to Learn” by training their customer service associates about the program and offering students unique accounts with no fees. IDA financial institutions will host the accounts, provide volunteers to teach personal finance classes, offer on-line financial education, and donate funding or in-kind services.
“AZ Earn to Learn” is funded with $1.55 million in federal grants from the U.S. Department of Health and Human Services’ Assets for Independence program. Funding was provided to the three state public universities, each of which will also provide matching funds. This is the first time in the federal agency’s history that state universities have applied for, and received, matching funds for a scholarship program of this nature.
For more information, visit azearntolearn.org