Colorado River individual development accounts (CRIDA)

Date
2013-12-08
Authors
Van Ella, Lisa
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Southern New Hampshire University
Abstract
As post-secondary education fees continue to rise, more young individuals are finding it difficult to obtain the resources to further their education. Educational attainment may be a contributing factor in lower income levels. An individual development account program, such as the Colorado River Individual Development Account (CRIDA), could contribute to alleviating the problem. The CRIDA program focuses on matching funds saved for post-secondary education by the youth of the target community of Lake Havasu City, Arizona and the surrounding Mohave County communities known as the Colorado River region. Asset and income poverty percentages are higher in the county than the state and national average. Educational attainment is far below that of the state and national percentages, as well. Studies indicate college graduates earn significantly more than those with only a high school diploma. Arizona’s four public universities have posted the highest tuition increases in the nation over the past five years. Most families in Mohave County have little hope of sending their children to college without taking on substantial debt. CRIDA will help young individuals establish a savings goal and earnings plan, strengthen their money management skills, and obtain matched donor savings. These outcomes will lead to enrollment into a post-secondary educational institution and eventually lead to economic independence and decreased need for income assistance. (Author abstract)
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