Financial Education Institute and Individual Development Account program

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Southern New Hampshire University
Ifetayo Cultural Arts established a Financial Education Institute (FEI)/Individual Development Accounts Program (IDA) for youth and young adults ages 8-28. The FEI/IDA is an extension of Ifetayo’s Rites of Passage Programs which support young people of African descent based in Flatbush, Brooklyn serving borough wide and surrounding communities in their passage from adolescence to adulthood. The Rites of Passage after-school programs provide an educational structure and a nurturing community which build participants’ intellectual and emotional skills, and prepare them to grow into independent, compassionate, selfconfident men and women. The creation of the Financial Education Institute (FEI)/Individual Development Accounts Program (IDA) allows the first full integration of financial education training into the Rites programming, and addresses a glaring need for knowledge and support in a community where most participants are living below the poverty level, earn low incomes, and have no accumulated wealth through asset development. The program specifically offers classes in financial education training and college counseling for four (4) groups: Youth in our Sisters in Sisterhood (SIS) and I Am My Brother (IAMB) Pre-Rites of Passage Programs ages 8-12; Youth in SIS and IAMB Rites of Passage Programs ages 13-18; Graduates of Rites Programs ages 19-28; and parents and family members of Rites and Pre-Rites Graduates/Participants. Individuals become eligible for participation in the program by joining one of the Rites programs and committing to completing the minimum two-year curriculum or by graduating the Rites program and joining the Alumni section of the FEI. Pre-Rites, Rites and Alumni who participate in the FEI will have the opportunity to participate in an Individual Development Accounts Program (IDA), in which they will have an opportunity to save money towards pursuing post-secondary education. Alumni will also be eligible to earn college scholarships to supplement their college savings. (Author abstract)