A scholarship program for low-income students will have twice as much funding from the federal government next academic year, according to University of Arizona officials.
AZ Earn To Learn will have $3.4 million next academic year. The program works somewhat like a savings account, and is designed to teach good savings habits to college freshman from low-income families.
The U.S. Department of Health and Human Services awarded AZ Earn To Learn a second round of funding doubling the total funds for financial aid to Arizona students.
Students who qualify have to save at least $25 per month and put them in a special Individual development account for at least six months. They are also required to complete financial education classes and college readiness program.
Once the students are enrolled at one of the state’s three public universities, they can receive $8 for every $1 they saved, up to $4,000 in matching funds. Half of that is paid for by the federal grant, the other half by the university where they enroll.