Delaware Treasurer Colleen Davis has announced the distribution of this year’s Aspire529 awards. Aspire529 is a program for youth in or aging out of the foster care system to help them pay for expenses related to higher education.

This year’s recipients, two from New Castle County, two from Kent, and one from Sussex plan to use the money for expenses including transportation to school, supplies, housing, and childcare.

“I am proud to know our efforts will help ease the burden for these young men and women as they pursue their education,” said Treasurer Davis. “Financial insecurity is often cited as a reason these youth don’t continue with their schooling so we want to do everything possible to assist them.”

Created by the Office of the State Treasurer, and approved by the Delaware Plans Management Board, Aspire529 provides not just a $529 award, it provides students with the knowledge of how to handle money. Awards were made after applicants to the program completed personal financial coaching through a partnership with Stand By Me®.

“Our expectation is that the financial coaching that comes along with the award helps these individuals well beyond their college years,” Davis said. “Once they finish their schooling and get jobs, we expect them to be able to handle their money successfully far into the future.”

Learn more about the program at de.gov/aspire529.

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.

Aspire529 money addresses education related expenses

Delaware Treasurer Colleen Davis announced that Aspire 529, a program for youth in or aging out of the foster care system to help them pay for expenses related to college or vocational training, has made its 2023 awards.

This year, five individuals received $529 after applying for the program and completing personal financial coaching from trained, skilled professionals through a partnership with $tand By Me®.

“Providing financial help in these situations is only half of the solution,” Treasurer Davis said. “Helping these young men and women learn the proper way to handle the money is what gives it extra value.”

This year’s awardees, two from New Castle County and three from Kent, plan to use the money for expenses including transportation to school, supplies, housing, and childcare.

The Office of the State Treasurer, along with the Delaware Plans Management Board, created Aspire 529 in 2022 after considering the obstacles faced by many youths aging out of the foster care system. Statistics show that only approximately 20% of foster youth who graduate high school hope to attend college, and just 3% earn a college degree.

“I am grateful to the Plans Management Board for authorizing the funds for the program,” Davis said. “Anything we can do to make higher education more accessible is important to do. Providing a bit of relief with paying for things like books, transportation, or even childcare could be the deciding factor for many considering continuing their schooling.”

The Aspire 529 Program will open its next round of funding in June of 2024.

After a successful launch in 2022, State Treasurer Colleen Davis, with the endorsement of the Delaware Plans Management Board, extended the ASPIRE529 pilot program and will once again offer financial assistance to youth in or aging out of the foster care system seeking higher education.

Awarded on a first-come first-served basis to qualified individuals, ASPIRE529 funds may be used towards costs associated with higher education including books and supplies, materials required for skills training, transportation, and child care.

“Individuals aging out of the foster care system face a number of obstacles as they begin their ‘adult lives,’ and furthering education shouldn’t be one of them,” Treasurer Davis said. “I am proud to offer ASPIRE529 awards in order to help these people take their next steps towards success.”

A total of up to 20 qualified applicants will be eligible to receive an award of $529. 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. (June 30th)
• 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.

The application period runs from June 1, 2023, until June 30, 2023. Winners will be notified by September 1, 2023. The online application can be found at de.gov/aspire529.

“The Aspire529 helps youth transitioning out of foster care in Delaware overcome financial barriers while achieving their education goals,” said Tamara Myles, Transitional & Independent Living Program Manager with DSCYF’s Division of Family Services. “This award will help many pay for education expenses and will afford them the opportunity to acquire less debt during their post-secondary education journey.”

“After serving them during their years in foster care, the youth need our support now more than ever,” said Caroline Jones, President, and Founder of Kind to Kids Foundation. “We need to work hard to break down any barriers that can stand in the way of the success of these vulnerable young adults.”

In addition to $529, awardees will also receive valuable financial literacy education from $tand By Me®, a financial coaching program partnership of the State of Delaware and the United Way.

“Becoming educated on how to handle money is just as valuable as the education this money will help provide,” said Valerie Cannon, Senior Social Service Administrator in the Division of Social Services. “We commend Treasurer Davis and the Plans Management Board for including a financial literacy component to ASPIRE529 and are proud they chose Stand By Me to provide the lessons.”

Ten days remain before application deadline

The application period for the new ASPIRE529 program, which provides $529 for foster youth aging out of the system to use for expenses related to continuing their education, closes July 31, 2022.

“Many young adults face a lot of financial obstacles as they head out into the ‘real world’ for the first time,” said Delaware State Treasurer Colleen Davis. “Those aging out of foster care often face additional struggles related to things like housing and health care. How to pay for education shouldn’t be an extra burden.”

Up to 20 awards of $529 are available on a first-come, first-served basis following review and approval of applications by the Office of the State Treasurer.

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 31st)
• 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.

In addition to the $529, recipients will receive two private financial coaching sessions thanks to a partnership with $tand By Me®.

The online application can be found at de.gov/aspire529.