College Dreams was recently awarded 50 "slots" in
Oregon's new pilot Youth Development Initiative. Each Dreamer who is accepted for
this project can save up to $2,000 in an authorized bank savings account, which will be
matched on a 3:1 ratio up to $6,000. These funds can be used for tuition, books, and
fees at any approved college or post-secondary vocational institution. This project
will provide up to $300,000 in earned college awards over the next two years for
program participants. We can apply for more slots next year, and might possibly get
a few more slots later this year.
Participation requirements include: (1) the approval of a completed application
documenting family low income status and providing all required information; (2)
completion of a 12 session Money Management workshop that we will be offering once
a week during lunch at each high school; (3) development of a Savings Agreement and
a Savings Budget Workplan; (4) Opening a special Dream$avers savings account at a
local authorized bank and making consistent monthly deposits; and (5) meeting
regularly with our Dream$avers Coordinator Katie Eaton to complete required progress
reports and resolve any issues.
We will be able to allow all Dreamers who complete Dream$avers requirements to utilize
their College Dreams earned scholarship funds as match for the new Dream$aver awards, which
will provide a significant boost in achieving the maximum award level of $6,000.