Inver Hills Pioneers FAIM Tuition Assistance Program

has become the first college in Minnesota to offer its students the Family Assets for Independence Minnesota (FAIM) tuition assistance program.

When combined with financial aid assistance programs, FAIM allows students the opportunity to graduate from college with little to no debt.

According to a release from Inver Hills, for every $1 a FAIM participant saves into a special savings account, a federal match contributes an additional $1.50 and the Inver Hills Foundation does the same, providing a total of $3 for every $1 saved.

After two years—and a maximum of $960 contributed by the participant—the participant would have $3,840 in college tuition funds.

"Far too many of our students need to withdraw from a class here and there, not because they aren’t capable of succeeding, but because they don’t have the time to be successful while working so many hours in order to pay tuition," Inver Hills mathematics instructor Jim Leslie said.

FAIM participants also receive financial literacy classes, career planning classes and one-on-one coaching to help them increase their success.

The FAIM program only became possible for Inver Hills after fundraising efforts this Spring garnered $108,000, including generous individual donations as well as a $25,000 challenge grant from the Katherine B. Andersen fund of The Saint Paul Foundation and grants from the Kopp Foundation, Dakota Electric Association and CHS.

"This program is a great investment for students, who appreciate the value of the investment; for donors, who want to make a difference; and for our country and its goal to help more students complete a college degree,” donor Judy Pechacek said.

At least 75 students will be supported in the program during the 2011-12 academic year. 

"For low-income individuals saving for college, the cost of tuition can be a significant hurdle," Inver Hills Foundation Executive Director Gail Morrison said. "Through the generosity of our donors, we are proud to respond to this need."