For the third consecutive year, the ASPIRE529 program will again offer financial assistance to youth in or aging out of the foster care system seeking higher education according to State Treasurer Colleen Davis.

“The high school graduation rate for youth in foster care in Delaware is just over 50 percent, with less than 5 percent of that same group graduating from a four-year college,” Treasurer Davis said. “While we know there are many issues tied to those statistics, the financial ability to seek higher education is routinely cited as a major cause.”

“The ASPIRE529 program, which works in conjunction with the Foster Care Tuition Waiver Program, aims to support young Delawareans who have experienced foster care as they transition to adulthood to overcome financial obstacles as they pursue their educational aspirations,” stated Tamara Myles, Transitional & Independent Living Program Manager with DSCYF’s Division of Family Services. “This funding provides invaluable assistance to numerous students, enabling them to cover educational expenses and reduce the burden of student debt throughout their post-secondary education journey.”

Endorsed by the Delaware Plans Management Board, ASPIRE529 awards of $529 are available to 20 qualified applicants on a first-come, first-served basis with the application process open until July 8, 2024. The money can be used towards accompanying costs associated with obtaining a degree in higher education such as paying for books and supplies, materials required for skills training, transportation costs and child care.

To be eligible for an award, a student must:

• Be under age 26, and:
  • At least 14 years old and currently in Department of Services for Children, Youth, & Their Families (DSCYF) Custody (foster care); or
  • Exited DSCYF Custody to adoption or guardianship at the age of 16 years or older; or
  • Aged out of foster care in Delaware at age 18.
• Complete a current-year Delaware Aspire529 application prior to the deadline. (July 8)
• Be a Delaware resident.
• Be a U.S. citizen, permanent resident, or approved refugee.
• Be an undergraduate student.
• Show proof of enrollment or attendance at an institution of higher learning or trade school, AND if already attending, must be making satisfactory academic or vocational progress toward completion of that program. Proof of enrollment or attendance can be requested through your school’s registrar or administrative offices.

Prospective applicants are encouraged to learn about all application requirements, program limits, and deadlines prior to completing an application.

An important component of the ASPIRE529 program is accountability and education on the part of the award recipients. Before receiving the money, each winner must complete financial literacy coaching from Stand By Me®, a financial coaching program partnership of the State of Delaware and the United Way of Delaware.

“This is not simply a handout. Getting money and knowing the best way to handle money are two different things,” Treasurer Davis said. “We want to make sure these recipients understand the value of not only this money, but the earnings they’ll make as a result of their continuing education.”

“We are excited about this continued collaboration with the Treasurer’s office and the ASPIRE529 program,” said Laura Gendreau, Director of Financial Empowerment & Housing Stability for the United Way of Delaware. “Our goal is providing participants with foundational financial education on savings, successful budgeting, credit improvement and debt reduction. By providing this education we are committed to assisting these students in becoming fiscally responsible and financially savvy.”

Questions about the Aspire529 program can be sent to Treasury_Aspire529@delaware.gov.

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