Program helps students add to savings

An educational savings program available at Kootenai Valley Federal Credit Union matches five-to-one for those who qualify.

Thanks to a Matched Education Savings Account (MESA) grant through the Montana Credit Unions for Community Development, the program will match $5 for every $1 saved to help hard-working students with modest means save for school expenses. 

Betty Willman is the manager at Kootenai Valley Federal and is excited about the program.

“It gives our members an opportunity to not have to take out so many student loans without taking away the opportunity for them and reduce their overall student debt,” Willman said. 

Lauren Ehlenfeldt is one of 400 Montanans who have benefited from similar programs during the past five years. She is a 47-year-old Libby resident working to acquire a license in addiction counseling and earning a bachelor’s degree in social work with assistance from a matched savings program. Ultimately, she’d like to work with women in the criminal justice system.

“I haven’t been in a financial setting since my husband passed to save money,” Ehlenfeldt said. “The program has really helped me to save, even if it’s just $20 a month. I’ve been able to buy an iPad, a printer, and paid some of my Internet bills. It’s a great incentive to save and I’m learning to create a budget and not over-extend myself with student loans. The program has been very valuable and doesn’t take much time.”

The MESA program now available matches $5 for every $1 saved up to $500 for a total of $2,500 for those who are income eligible. It also provides financial education to recipients to ensure better chance for long-term success.

Willman said that financial literacy piece is critical.

“The financial education courses provided are in-depth,” she said. “It’s important to have better informed members when they are done with the program.”

Participants are required to save $25 a month for six months before they can make a qualified withdraw. Money can be used to cover tuition and fees and pay for books required for courses at a Montana institution.

For more information contact your learning institution or the Credit Union.