College Planning for Adults
Loans, scholarships, and grants are only a few ways of getting money to pay for school. Other ways of getting money to pay for college include participating in community service programs and setting up Individual Development Accounts.
Community Service
What is community service? Community service is volunteer work that is done in the elementary schools, the high schools, at after-school programs, at senior centers, at community centers, and many other organizations that exist to improve a community. Community service can include working as a teacher’s aide, painting low income houses, or building playgrounds. Working with a community service program will provide you with experiences that may influence your career decision.
Participating in a community service program is not for everyone. Some programs have age restrictions. Most community service programs require a commitment of 10-12 months of service and pay a modest living stipend. If you have a family of four, this modest living stipend may not pay all of your bills. Once you have completed the required number of service hours, you will receive an education award up to $4725 to help pay for college, vocational training, or to repay student loans.
AmeriCorps
AmeriCorps is a network of local, state, and national service programs that connects more than 70,000 Americans each year in intensive service to meet our country’s critical needs in education, public safety, health, and the environment. AmeriCorps members serve with more than 3,000 nonprofits, public agencies, and faith-based and community organizations. Americorps has three main programs:
Americorps Eligibility Requirements
AmeriCorps Volunteers in Service to America (VISTA) – must be 18, no upper age limit, serve full time for one year.
AmeriCorps National Civilian Community Corporation (NCCC) – age 18-24, 10 months of service.
http://www.americorps.org/about/overview/index.asp
Individual Development Accounts (IDAs)
Individual Development Accounts (IDAs) are savings accounts that help low income families save money to pay for college, buying a house or start their own business.
IDAs are different from normal savings accounts. Every dollar that you put into your IDA is matched. the matching depends on th eIDA host organization. If you put in $200 into an IDA, you will typically receive an additional $200. Instead of saving $200, you will be saving $400.
You cannot get an IDA by walking into a bank. IDA’s are only offered by some community organizations like your local community development corporation.You must meet certain eligibility requirements. For example, if you have a family of 3, your household income cannot exceed $32,180. Check with your local program for more information.
To learn more about IDA’s check out the following websites:
CFED
http://www.cfed.org/focus.m?parentid=31&siteid=374&id=378
Trickle Up
http://www.trickleup.org/usprogram_ida_e.asp
Alternatives
http://www.alternatives.org/ida.html
To find a program in your state that supports IDA’s:
CFED IDA Directory
If you think of a program in your community, type it on the box labeled “Nam.” If you can’t think of program, just skip to the “State” box; scroll down until you see your state’s initials.
http://www.cfed.org/focus.m?parentid=31&siteid=374&id=599
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