Council Makes Transformative Investment in Youth Seeking Higher Education
City’s
“Earn to Learn” pilot program to offer 8:1 match on money APPS participants
save for college
[COLUMBUS, OH] Columbus City Council is piloting an “Earn to
Learn” program—an innovative scholarship program that helps eligible teens and
young adults working in the Columbus Recreation and Parks APPS program prepare
for college by providing $4,000 in matching funds to those who save $500 of
their earnings.
“If you’re a young person in Columbus who wants a post-secondary
education, you should never be deterred from your goals due to a fear of debt,”
said President Pro Tem Elizabeth Brown. “This pilot with our APPS youth will
empower them to reach their goals. That’s a win for them and a win for us.”
The “Earn to Learn” pilot offers an individual development
account (IDA) 8:1 match for post-secondary expenses after a minimum of six
months in the program. It is a national model designed to make a transformative
investment in the lives of teens and young adults who experience financial
barriers to receiving post-secondary training. The twenty participants from the
APPS program who receive matching funds for school will also receive financial
education to help them develop good savings habits for the future.
“It costs more to earn a degree in Ohio than almost anywhere
else in America,” said Council President Shannon Hardin. “We’ve got to look at
every tool available to this community to ensure our residents, particularly
young folks, have the opportunity to learn new skills and thrive in Columbus’
middle class.”
Eligible APPS participants can receive matching funds on every
dollar up to $500 that they save from their paychecks. To be eligible, they
must have a net worth less than $10,000 and meet federal poverty level
guidelines. They are also required to participate in 10 sessions of financial
education and attend an orientation session at their school of choice.
CME Federal Credit Union, a member-owned, not-for-profit
financial institution founded in 1935 by Columbus firefighters and now serves
Central Ohio, has agreed to host the participants’ savings accounts and provide
25% of the matching funds, up to $20,000. Columbus City Council will provide
the remaining 25% non-federal match, up to $20,000. In a partnership with the Ohio
CDC and CME Federal Credit Union, Council will access federal funds through the
U.S. Department of Health and Human Services for the remaining 50% savings
match, for a total investment of $80,000 in the program excluding the
participants’ contributions.
“On behalf of CME Federal Credit Union, and over 35,000 members,
we’re happy to support this program. CME is both honored and proud to be a
partner in this effort to invest in post-secondary success and workforce
development for these dedicated and committed young adults,” said CME President
and CEO Jeff Carpenter. “Our chartered purpose of promoting thrift and being
the credit union for Columbus City Employees makes this program a perfect
investment for CME.”
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