We recognize the thought and planning it takes to save for higher education, especially during a pandemic. We know how difficult this last year has been and celebrate the time and care you’ve put into your child’s education.
Inversant will reward you for reaching your goal by matching your first $1,000 in savings.
You can withdraw money from your Inversant savings account at Metro Credit Union after each deposit deadline. You may also leave it in your account for later use. The match dollars are available for approved higher education-related expenses.
When do I receive the savings match?
- If you have reached your savings goal of $1,000 by May 31, 2021, Inversant will credit you with an additional $1,000 for educational expenses. Your savings and match dollars will be available for higher education expenses after June 1, 2021.
- If you have not reached your savings goal of $1,000 by May 31, 2021, you may keep working on your goal through July 31, 2021. Inversant will match your first $1,000 in savings at that time.
How does the match work?
Inversant will match, dollar-for dollar, your first $1,000 saved. Match dollars are independent of the funds you’ve saved in your Inversant account. The match dollars are available in the form of funds payable directly to your child’s college or university.
TEEP will process your request for payment and mail a check directly to your child’s college or university. Please follow up with TEEP with questions about your savings match status after the July 31, 2021 deposit deadline.
Example: You have saved $1,000. Inversant matches your savings with an additional $1,000. You receive a $800 tuition bill from your child’s college.
You informed TEEP where your child will attend college or university. TEEP will send the full $1,000 that comes from the match fund to the institution.
How do I access the match dollars?
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
- student’s ID number
- date the bill is due.
3. Submit the bills to TEEP.
- Bills can be scanned or electronically photographed and emailed to TEEP.
- Once the lockdown order is lifted, bills can be dropped off at the TEEP office. Until then, documents will need to be emailed.
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 TEEP.
If you have any questions about the saving match or the expense reimbursement or payment processes, please contact Inversant’s Boston Coordinator, Bianca Perez, at [email protected].