Suncat Savings Challenge/IDA Program
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New applications accepted October 19.
What is the Suncat Savings Challenge?
The Suncat Savings Challenge is an opportunity for students to invest in their future with a matched savings account called an Individual Development Account (IDA). Every dollar put into the account will be matched by public and private institutions to help students save toward their education, a home, or starting a business.
This program is a controlled scientific study. Half of students who apply to participate will be chosen to have an account. The other half will be asked to fill out a survey in exchange for a token of appreciation.
How to Apply
- View Online Orientation or attend an in-person orientation (dates listed below and on the CNM homepage calendar).
- Print the application, consent form and general applicant checklist.
- Complete and sign the application and consent form and collect all necessary documentation listed on the general applicant checklist.
- Contact Eric-Christopher Garcia (505) 224-3186 to schedule an appointment to see if you are eligible for the program and find out if you will receive an Individual Development Account or not.
- Attend your scheduled appointment with your completed application, consent form and all required documentation from the general applicant checklist.
Are You Eligible?
To Qualify*, You Must:
- Be enrolled in 6 or more credit hours at CNM
- Be at least 18 years of age
- Have someone in your household who is currently employed
*There are additional income and asset qualifications which you can learn more about at the orientation including:
- Adjusted gross income must fall under 200% of the national poverty level [See Table]
- Net worth of the household (excluding one home and one vehicle) must fall under $10,000
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About this Project
A federally funded evaluation is being conducted to determine how the Individual Development Account (IDA) program at CNM Connect helps people save and build assets. There will be more applicants than spaces available in the IDA program. Program spaces will be filled on a lottery basis, with individuals selected randomly to enter the program from among those who are eligible and agree to participate in the study. Those not selected in the lottery will have access to other services offered by CNM Connect.