Post-secondary Education Asset
FAIM funds may be applied to education expenses for courses of instruction at an accredited post-secondary institution in the United States. Expenses may include tuition and required books obtained from the college bookstore. Courses must be credited and receive a grade upon successful completion. FAIM participants in this asset track are required to complete 12 hours of financial management training along with 10 hours of education/career planning activities or training. Education is the only asset track that the program participant is allowed to use their FAIM account for the benefit of their spouse, child, or tax dependent.
To be eligible for FAIM, participants must:
- Be at least 18 years of age
- Be a resident of Minnesota (at time of enrollment through exit from FAIM)
- Be a US citizen or eligible non-citizen
- Have earned income from employment or self-employment
- Have total household net assets of less than $10,000
- Have combined household annual gross income at or below 200% of poverty
- Ability to save up to $2,000 within 24 months
- Ability to purchase the asset within a maximum of 30 months