CSP has teamed up with WECO, a provider of financial services to low- and moderate-income people for a demonstration project aimed at bolstering savings for college.
The U.S. Department of Health and Human Services has awarded CSP a five-year, $375,000 grant to set up the project in partnership with WECO Fund Inc. of Cleveland. CSP will provide $375,000 in matching scholarship funds to help 210 students attend college.
Under the project, CSP will help students explore career and college options and plan their postsecondary education at a pell eligible postsecondary college or training program. WECO will help students manage saving accounts called Individual Development Accounts.
If a student saves $750 toward college, CSP and the federal government each will award the student $1,500 in scholarships, for a total award of $3,000 — a 4:1 match.
WECO will provide 12 hours of financial education, followed by one-on-one financial coaching to each participant, and it will monitor the savings process.
Students from the Cleveland Metropolitan School District and surrounding school districts in Cuyahoga and Lorain counties are eligible for the scholarships, as are students supported by CSP and adult learners returning to college.
Please contact CSP's Financial Aid Dept. (216-241-5587) if you are interested in this program.
Please note there are strict program eligibility guidelines (i.e. household income, cumulative GPA, test scores, etc).