Post-secondary Education

Post-secondary Education is the only asset track that allows the participant to use funds for their own education or the education of their spouse, child, or tax dependent.  Keep in mind that FAIM has a minimum enrollment period of 6 months + 1-day, AND maximum enrollment is 30 months (2 1/2 years) so the student will need to register for courses within that timeframe.

New in 2024 – FAIM is offering a 529 College Savings asset track for parents of young children (babies through elementary grades), or possibly junior high, who want to save for their child’s future education.  If enrolled in this track, you must be a legal parent of the child and you will be required to open a MNSaves account.

No.  The home or vehicle being purchased with FAIM funds must be located within Minnesota.  Similarly, the business start-up or expansion must be done within Minnesota.  FAIM funds for education may be used for courses taken in-person or online at an accredited college in another state, however, the FAIM participant must remain a Minnesota resident.

• Current Federal 1040 Tax Filing – PREFERRED method.
• OR, Previous year’s W2’s from all employment AND documentation of all other income/benefits for the year from ALL adults in the household.
• OR, Paystubs from all employment AND documentation of all other income/benefits from ALL adults in the household for the previous 3 full months from date the application was signed.
  • (Example: FAIM application signed/dated on 2-16-2024 requires income for the full months of November and December 2023 and January 2024).