Imagine having the kind of return on a modest investment that pays 500% in just three years?  

Just a pipe dream in today’s economy?   Hardly.   
For some students attending an ICW college, this is a real possibility. 

Matched College Savings Program (MCSP)
A program of Independent Colleges of Washington

The purpose of the Matched College Savings Program is to provide very low income students attending an ICW college with financial incentives to stay in college and complete their education.  This program rewards them for saving a minimal amount each month with a cash match of both federal and private dollars at a 5:1 ratio.  The student’s savings, along with the match, are then withdrawn and applied to the cost of tuition, books and other college-related expenses supplies such as computers.  The program is geared to students who are already enrolled in one of our ICW colleges statewide.  In academic 2009-10, there were at least 3,000+ students who meet the eligibility requirements to participate in this program.  ICW is hoping to enroll up to 450 students in the MCSP program over a three year period. 

To be eligible for the MCSP Program students must:

• Meet strict income guidelines of at or below 200% of poverty level
• Save a minimum of $44 each month for a minimum of 6 months before withdrawing funds
• Attend a 10 hour financial education course before withdrawing funds
• Spend a minimum of 6 hours preparing an academic plan

Students’ saving habits will be rewarded by:

• Receiving a 5:1 match in federal and private funds and applying $9,584 toward tuition, books, or supplies

NOTE:  Student savings accounts are matched by both federal and private dollars.  Private funds match the student’s savings and the federal funds match the private up to $2,000/ student over 3 years.   There is $2.5 million/year of federal funding available to Washington to help 1,250 students/year in this program if private funds can be raised to match.

MCSP Partners

• Community and Shelter Assistance Corp (CASA) of Oregon –  CASA applies for federal funds, manages both federal and private match funds, and assists colleges with enrollment and administrative services.    As one of the largest IDA networks in the country and the largest in the Pacific NW, CASA has a successful 10+ year record of offering similar programs with our Oregon counterpart, Oregon Independent College Fund, a smaller program at Mt. Hood Community College, and with the VIDA program - a home ownership program for low income Oregon residents.  CASA is located in the Portland, OR area.

• Local/ regional financial institutions - Banks and/or credit unions will be recruited to participate in this program in two ways:  agreeing to host student custodial savings accounts and to serve as instructors for the required financial literacy/education course for students they must complete before requesting a withdrawal.   

“We think the program has a lot of appeal to individual, corporate or foundation donors that value students learning good savings habits that help them meet their goal of going to college.   And to have their savings matched is an added incentive to stay in school and complete their education.  It’s a great example of giving students a ‘hand-up’ with their education vs. a hand out”, says Anne Cassidy, Director of Development at ICW.

For more information about this program, please contact:  Anne Cassidy   Anne@ICWashington.org or 206/623-4494.