LOGANSPORT — Thanks to a new program in Logansport, parents of 21st Century scholars can now receive money to go back to school, too.
Logansport is joining Fort Wayne, Indianapolis and areas of southern Indiana in offering Educational Development Accounts — a match savings account that would allow parents of students receiving the 21st Century scholarship to accumulate up to $5,000 over three years to be used toward their own educational expenses.
“This is a way for parents to go back to college and get their educational expenses paid for,” said Beth Wilson, a staff member at the Area Five Agency on Aging and Community Services who is in charge of enrolling people in the program.
Wilson said qualified parents would set up a College Choice 529 account, and as they put money into the account, the state will match it up to a certain amount.
To open the account, Wilson said, an adult must immediately contribute $25. Then they’re required to contribute $400 in the first year. The state will match with a contribution of $800. With the parent’s contributions, the state’s match and added incentives, Wilson said, an individual can accumulate $5,000 in three years.
“A little money would go a long way with the matches,” Wilson said.
The money can be used for any education-related expenses, including tuition, book fees, laptops or other school supplies.
Wilson stressed, however, that the money can only be used by the parent for their own education.
“There’s been some confusion about that,” she said.
The only eligibility requirement is that the adult have a child who is enrolled or was enrolled in the 21st Century Scholars Program.
“Even if you had a 21st Century scholar five years ago and they’ve already finished their education, you still qualify,” Wilson said.
She said it’s an excellent opportunity for an adult to get training that might help in landing a job in a tough economy.
Often, she said, parents put their own education on the back burner.
“Parents are always thinking about getting their children through college,” she said.
Before, the money might not have been there to do both, she said, but this program might change that.
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