Chelsea May 2020 Savings Match and Withdrawals

by | May 22, 2020 | Inversant Savings Accounts

These instructions are for Inversant families enrolled in the Chelsea High School program site.

We recognize thought and planning it takes to save for higher education. Inversant will reward you for reaching your goal by matching your first $1,500 in savings.

When do I receive the savings match?

  • If you have reached your savings goal of $1,500 by May 31, 2020, Inversant will match you with an additional $1,500 for educational expenses. Your savings and match dollars will be available for higher education expenses after June 1, 2020. 
  • If you have not reached your savings goal of $1,500 by May 31, you may keep working on your goal through July 31, 2020. Inversant will match your first $1,500 in savings at that time.

How does the match work?

Inversant will match, dollar-for dollar, your first $1,500 saved. The match dollars are available in the form of reimbursements for approved expenses and as funds payable directly to your child’s college or university. 

Example A: You have saved $1,500. Inversant matches your savings with an additional $1,500. You purchase a $2,000 laptop for your child. 

You submit the laptop receipt and a withdrawal form to Inversant’s Chelsea Manager. Inversant mails you a $2,000 reimbursement check. Half of that amount comes out of your Inversant savings account: The other half comes from Inversant’s savings-match fund. Inversant draws equally from your savings account and from the match fund until both sources are completely spent. 

Example B: You have saved $1,500. Inversant matches your savings with an additional $1,500.You receive an $800 tuition bill from your child’s college. 

You submit this bill and a Chelsea Withdrawal Form to Inversant’s Chelsea Manager. Inversant mails the college an $800 check. Half of this amount comes out of your Inversant savings account. The other half comes from Inversant’s savings-match fund. Inversant draws equally from your savings account and from the match fund until both sources are completely spent.

How do I access the match dollars?

Request reimbursement for approved expenses

1. Gather all receipts from higher education purchases, for example:

  • Transportation
  • Laptop
  • Semester fees
  • Tuition
  • Other expenses (expenses that might not fit in the general definition of college expenses need to be approved) 

2. Please make sure the amount paid for and description of each product or service purchased (i.e., books, computer, student housing) are legible on the receipt. Receipts that don’t clearly show the price paid and product or service purchased will delay the reimbursement process.  

3. Fill out and sign the Chelsea Withdrawal Form. Click HERE to download the Chelsea Withdrawal Form. 

4. Submit the receipts and withdrawal form to Inversant’s Chelsea manager, Yrlen Ysasis, at [email protected]

  • Receipts and withdrawal forms can be scanned or electronically photographed and emailed to Inversant’s Chelsea Manager. 
  • Withdrawal forms can be signed electronically. 
  • Once the lockdown order is lifted, these documents can be dropped off at the Chelsea Manager’s office. Until then, documents will need to be emailed.  

5. You will receive a check at the address you specified in the Chelsea Withdrawal Form. 

  • Please note that reimbursement checks can take up to three weeks, once requests are submitted, to receive. 
  • Please do not wait until a bill is due to contact Inversant’s Chelsea Manager.

Request payment to your child’s college or university

1. Gather bills from your child’s college or university. 

2. Please make sure the bills show: 

  • the student’s name
  • the student ID number
  • the date the bill is due. 

3. Fill out and sign the Chelsea Withdrawal Form. Click HERE to download the Chelsea Withdrawal Form. 

4. Submit the bills and withdrawal form to Inversant’s Chelsea manager, Yrlen Ysasis, at [email protected]

  • Bills and withdrawal forms can be scanned or electronically photographed and emailed to Inversant’s Chelsea Manager. 
  • Withdrawal forms can be signed electronically. 
  • Once the lockdown order is lifted, these documents can be dropped off at the Chelsea Manager’s office. Until then, documents will need to be emailed.  

5. A check made payable to the institution will be mailed directly to the college or university. Your student’s ID number will be visible on the check

  • Please note that checks can take up to three weeks to arrive at the college or university. 
  • We recommend calling the college or university to let them know a check is on its way and to ask someone to notify you once the check arrives.
  • Please do not wait until a bill is due to contact Inversant’s Chelsea Manager.

If you have any questions about the saving match or the expense reimbursement or payment processes please contact Yrlen Ysasis at [email protected].

By the Numbers

  • +1,800 Families Served
  • +$1,612,380 Saved by Families
  • +$1,200,000 in Savings Matched
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