About the Program
The 529 College Savings asset track will help parents with young children start saving toward the future cost of attending college. The parent will be required to open a MNSaves account and make the $25 opening deposit. More information can be found on 529 accounts at www.mnsaves.org. Funds in the 529 account are to be withdrawn for eligible education-related expenses. Withdrawing funds from the 529 account for non-education use will incur immediate penalties and have additional tax implications.
Additional information will be posted as it becomes available.
Eligibility
- Be at least 18 years of age.
- Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
- Have earned income (wages from employment or self-employment).
- Have total household net assets under $10,000.
- Have combined household annual gross income at or below 200% of the current federal poverty guideline.
- Have the ability to reach their saving goal in 24 months or less.
- Have the ability to purchase/obtain their chosen asset within 30 months.
- Other limitations may apply.
Could FAIM be right for you?
Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.
Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.
Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.
Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.