KIPP May 2020 Savings Match and Withdrawals

by | May 23, 2020 | Inversant Savings Accounts

These instructions are for Inversant families enrolled in the KIPP MA program site.

We recognize the thought and planning it takes to save for higher education. Inversant will reward you for reaching your goal by matching up to your first $600 in savings. 

You can withdraw money from your Inversant savings account at Metro Credit Union after the final deposit deadline in your child’s senior year of high school. You may also leave it in your account for later use. The match dollars are available for higher education-related expenses.

When do I receive the savings match?

  • Each year, KIPP families deposit a fresh $150 per child into the Inversant savings accounts by May 31, 2020. Inversant also deposits $150 per child into the Inversant savings accounts after June 1, 2020. 
  • This year, the deposit deadline has been extended to July 31, 2020 to accommodate any hardship or income interruptions due to the pandemic.

How does the match work?

As a reminder, this is the final year of the program. Matches will be honored for students currently enrolled and ready to graduate from high school between 2020 and 2023. This school year will have the same match criteria: Save $150 to receive $150. Next year, however, you will be responsible for saving the remaining balance of the $600. The 2020-2021 school year will be the final year for savings matches. See below for specifics:

Class of 2020 Savings
5/31/20 or 7/31/20
Match 2021 Savings
5/31/21
Match
2020 $150 $150
2021 $150 $150 $150 $150
2022 $150 $150 $300 $300
2023 $150 $150 $450 $450

*If you have more than one child enrolled in high school, please multiply the dollar amount by the number of high school students you have.  Example: A family with a Class of 2021 student and a Class of 2023 student will need to save $300 this year and $600 next year to receive the full savings matches for both students.

How do I access the match dollars?

For Senior families, to request your final match:

1. Get a copy of your child’s acceptance letter or award letter from the college or university that they have decided to attend. 

2. Email an electronic copy of the acceptance or award letter to the Inversant Program Director, Rochelly Araniz, 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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