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Springfield Partners for Community Action offer special college savings plan

Date: 8/19/2009

SPRINGFIELD Need help saving for college? Springfield Partners for Community Action now provides matched savings for high school students. Every dollar saved by a high school participant is matched by $2, so when a student reaches the $1,000 savings goal, he receives a $2,000 match for a total of $3,000.

Interested students should call 263-6500 ext. 6545 to enroll.

These matched savings accounts, or IDAs (Individual Development Accounts), allow students to save money for college or vocational school, or even to start a small business. The students are supported in their efforts to save money through financial education and case management.

Paul Bailey, Executive Director of Springfield Partners, said that the idea for a Youth IDA program came from the many adult IDA holders who wished they had learned about money management earlier in life. He stated, "This is an additional incentive for young people to comple their schooling and attain a high school diploma."

Youth Individual Development Accounts are provided through funds from the Junior League, Westbank, the Irene E. & George A. Davis Foundation and the U.S. Department of Health and Human Services through their Assets for Independence grant program.

Springfield Partners for Community Action is the official anti-poverty agency for the city of Springfield. The agency has several other programs including Weatherization Assistance, Community Health Advocacy, Serve New England food distribution, Home Furnishing Program and New Beginnings Childcare.