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Money Management
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Helping People Save for the Future - Family Savings Account (FSA) Program
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The Family Savings Account program is an innovative savings program available to residents of Schuylkill County that is funded by the Pennsylvania Department of Community and Economic Development.
Schuylkill Community Action, in cooperation with several local financial institutions, makes the program a success.
Family Savings Account program participants have an opportunity to open a savings account and make deposits on a consistent basis for 12 - 36 months.
At the end of the time period, and if all FSA program objectives are accomplished, savers will receive a 100% match on those savings up to $2,000.00 in 36 months.
Additionally, the saver will also receive interest from the bank.
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FSA Program Objectives
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Approved program savings goals include, but are not limited to, home purchase, home repair, higher education, entrepreneurial activities, vehicle purchase, and child care.
FSA program savers are required to maintain a minimum deposit of $10 per week.
Required and Optional Financial Skills Workshops are provided to all savers.
Additionally, a $20 program enrollment fee is required.
This fee will be reimbursed upon successful completion of the program.
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Eligibility
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Income Guidelines
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Gross income (for the past 12 months) must fall within 200% of the current poverty guidelines.
The income guidelines change yearly, so call to see if you qualify.
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Net Worth Guidelines
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Must have no more than $10,000 in net worth (assets).
Primary home and vehicle are not included in net worth determination.
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I Think I Qualify, What Do I Have To Do To Enroll?
If you fall within the income and net worth guidelines, you will need the following for your appointment:
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Proof of income for all household members for the last 12 months.
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A decision of the amount you wish to save and the asset goal you will be saving to attain.
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Your $20 enrollment fee in the form of cash or a money order.
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Upon completing a financial assessment, a saver will receive case management to ensure successful program completion.
Through workshops, case management, and a support network, the FSA program empowers participant decision, capability, and choice!
Call 622-1995 for more information.
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