Individual Development Account (IDA)






 

An IDA is a 3:1 match savings account where every dollar saved is matched by three. Up to $3,000 can be matched at $9,000 over a three-year period totaling $12,000 to help cover the cost of college tuition*.

The following criteria must be met to qualify:

  • Valid Government issued Oregon ID
  • Minimum monthly deposit of $25.00
  • Must be 16 years or older to apply
  • Earned income required
  • Must attend or plan to attend an accredited Oregon institution
  • Must meet specific income requirements**

What you need to apply:

  • IDA application
  • 2 months of current and consecutive paystubs for all income earners in the household
  • Current or previous year's tax returns
  • Savings Plan Agreement

Steps to do while you are in the program:

  • Assest specific training
  • Financial education
  • Personal development plan
  • Withdrawal request forms
  • Exit survey when the program is finished


Have more questions or ready to apply?
Contact us at IDAmanagers[email protected]

* IDA funds can only be used towards college. **80% Average Median Income (AMI), $20,000 Household net worth, Oregon residents only.
 

County 1-person
family
2-person
family
3-person
family
4-person
family
5-person
family
6-person
family
7-person
family
8-person
family
Marion $43,500 $49,750 $55,950 $62,150 $67,150 $72,100 $79,280 $88,240
Polk $43,500 $49,750 $55,950 $62,150 $67,150 $72,100 $79,280 $88,240