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THE PROGRAM |
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3Opportunity Passport™ is one of the programs under Project Everlast. Opportunity Passport™ is an asset-building program that includes financial education, asset- specific training, and a matched savings account (Individual Development Account, IDA).
Young people between the age of 14 and 26, who have been or currently are in foster care are eligible for the program. Opportunity Passport™ is a package of resources to help young people become successful adults. The program offers a matched savings account (Individual Development account) that allows youth to save and receive a match for housing, medical, education, debt consolidation, investments, and a business start-up or expansion, at a 2:1 rate up to $1000 per year. A 3:1 match is provided for a vehicle purchase (e.g., youth saves $2,000, the program provides $6,000), and a 1:1 match is available for participant-specific needs. Financial education courses are must be completed prior to enrollment in the program. Asset-specific training is completed prior to receiving a match. In addition, while in the program we assist youth with opening personal bank accounts, and work on establishing or re-establishing credit. Financial support for Opportunity Passport™ is provided by Nebraska Children and Families Foundation, The Sherwood Foundation, the William and Ruth Scott Family Foundation, and the Department of Health and Human Services (DHHS). |
MORE ABOUT THE PROGRAMMatched savings make it possible for individuals to build financial assets for financial stability. For participants who do not have their own checking or savings accounts, we help them open an Individual Development Account (IDA), which is a custodial savings account. For every dollar saved into a personal bank account or into an IDA, savers receive a corresponding match through the program, for asset-building purposes. In addition to earning match dollars, savers agree to complete financial literacy classes, learn about budgeting and saving, and receive additional training before purchasing an asset.
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WHAT ASSETS CAN I PURCHASE?
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2:1 matched savings can be used to purchase assets such as housing (deposit, rent, utility deposits, down payment to purchase a home); medical (current or past medical bills, dental); education (balance not covered by financial aid or other grants, pay down or payoff student loans); debt reduction (credit cards, collections, judgments, liens, legal debt); investments (certificate of deposit, stocks, Bonds, IRA’s); vehicle (purchase, licensing and insurance cost); micro-business (start-up or expansion of a small business); or a participant specific match (matched 1:1 funds can be used for past due bills, car repairs, traffic tickets, or other emergency type of expenses).
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