Opportunity Passport™, a program sponsored by the Nebraska Children and Families Foundation, 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 to enroll in the program. Operated in partnership with the Nebraska Children and Families Foundation's Project Everlast 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, vehicle purchase, and a business start-up or expansion, at a 2:1 rate up to $1000 per year. Financial education courses 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.
What is an IDA Account?
Individual Development Accounts (IDA's) are special savings accounts that match the deposits for asset-building purpose. For every dollar saved in an IDA, savers receive a corresponding match. In addition to earning match dollars, savers agree to complete financial education classes, learn about budgeting, saving and receive additional training before purchasing an asset. IDA's make it possible for individuals to build the financial assets for financial stability.
What Can Participants Use the IDA to Purchase?
IDA funds 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 participants specific match (matched 1:1 funds can be used for past due bills, car repairs, traffic tickets, emergency type of expenses).
Want to Know More?
If you are interested in enrolling in the Opportunity Passport program, or have questions, please contact:
Opportunity Passport Coordinator