Education Asset

FAIM funds may be applied to education expenses for courses of instruction at an accredited post-secondary institution which may include tuition, some fees,  and required books obtained from the college bookstore.  Courses must be credited and receive a grade upon successful completion.  FAIM participants in this asset are required complete 10 hours of education/career planning activities provided by a FAIM coach or through college admissions/counselors.  A participant may use his/her FAIM account to save on behalf of their child’s education – ask coach for details.

To be eligible for FAIM, participants must:

  • Be at least 18 years of age

  • Be a resident of Minnesota (at time of enrollment through exit from FAIM)

  • Be a US citizen or eligible non-citizen

  • Have earned income to deposit into savings monthly

  • Have total household net assets of less than $10,000

  • Have combined household annual gross income at or below 200% of poverty (see below)

A participant’s income and assets may increase after full  enrollment into the FAIM program.

2021 Federal Poverty Guideline