About AFI
The Race For Education (RFE) scholarship recipients may be eligible for an additional $4000 in scholarship funds from a federal matching grant that RFE has received from the US Department of Health and Human Services Administration for Children and Families, which is called the Assets for Independence program (AFI). With only 10 terminations and an average financial literacy training score of 96%, eighty-six Race For Education students have completed the AFI program and made asset purchases in order to achieve their college educations since 2006.
If an RFE scholarship recipient is eligible for the program, s/he must open an Individual Development Account (IDA), which is a savings account in their name at RFE’s designated bank. The RFE scholarship recipient must then save $500 of earned income in the IDA, which must be completed no later than the end of their junior year. Once they save the $500, RFE will deposit $4000 into their account- $2000 from RFE and $2000 from the AFI matching grant.
The $500 of earned income that is deposited along with the $4000 matching funds, including any interest, is awarded to the RFE scholarship recipient but must go toward paying their college expenses. The total award (and interest) is drawn down and sent directly to their school at the beginning of a semester when a tuition bill due.
In addition, RFE scholarship recipients are required to pass an online financial literacy course before the funds can be deposited and sent to their school. RFE provides the information needed to complete the financial literacy course, which is located at http://www.financialliteracy101.org .
The Assets for Independence program was designed to help people who are carrying a heavy debt load become financially independent. Participation in this program is voluntary; however, this is a fairly simplistic way of receiving additional funding for higher education and will allow The Race For Education to help more students achieve a great success- a college education.
If you have any questions, please call Carly Preston at 859.252.8648 or email her at Carly@raceforeducation.org.
