FAIM funds may be applied to education expenses for course instruction at an accredited post-secondary education institution within the 48 contiguous United States. Post-secondary Education is the only asset track that a program participant can use funds for themselves or for the education of their spouse, child, or tax dependent.
Eligible expenses include tuition and books/equipment required for courses, however, those items must be obtained from the college bookstore and charged to the student’s account. FAIM participants are required to complete 12 hours of financial management training and the student will complete 10 additional hours of career planning activities and/or training.
To be eligible for FAIM enrollment, applicants must:
- Be at least 18 years of age.
- Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
- Have earned income (wages from employment or self-employment).
- Have total household net assets of less than $10,000.
- Have combined household annual gross income at or below 200% of the current federal poverty guideline.
- Have the ability to reach their saving goal within 24 months or less.
- Have the ability to use savings/match for courses within a maximum of 30 months.
A handbook and several resources are available under the Students section of the Minnesota Attorney General’s website: https://www.ag.state.mn.us/Office/Publications.asp