Lubert+Scholarship

__**Ira Lubert Scholarship Program**__ (Versión en español) (for application [|worc.pdf])

The Ira Lubert scholarship is a special matched savings program that assists low-income and low-wealth individuals with postsecondary educational expenses.

__HOW IT WORKS__

Participants save up to $500 and receive a match of $3,000 to be used towards educational expenses. Savings period: a minimum of six months Monthly savings deposits: a minimum of $10. Deposits only can be made from earned income.
 * Savings & Match**

Program participants are required to take part in 6 hours of financial literacy training that includes money management, credit analysis and repair, basic knowledge about financial institutions and financial services. Participants also receive educational counseling and develop an educational plan.
 * Financial Literacy Training & Educational Counseling**

Participants who meet all Program requirements and are accepted to an accredited school will receive the match funds. A vendor check will be issued directly to the school. Participants will not receive cash.
 * Asset Purchase**

Both participant savings and match funds may be used to pay for tuition and fees required for enrollment or attendance at an accredited institution of higher education or vocational school. Savings and matching funds can be also used for books, supplies, and equipment required for courses of instruction. However, payment for all allowable expenses must go through the school.
 * ALLOWABLE EDUCATIONAL EXPENSES**

Prospective participants must: Be residents of Philadelphia, Montgomery, Delaware or Chester County. Plan to attend an eligible postsecondary educational institution by SEPTEMBER 2008. Have a net worth that is less than $10,000. (One motor vehicle per household and the value of the primary dwelling unit can be excluded in calculating this figure.) Show proof of earned income. Meet program income limit. (Household adjusted gross income that either qualifies for the Earned Income Tax Credit or is at or below 200% of the Federal Poverty Level.) TANF recipients automatically qualify. Examples of Income Limit: Single adult _ $20,420 Two adults $27,380 One adult + one child $32,001 One adult + two children _ $36,348 Three person household $34,340 Four person household _ $41,300 Five person household _ $48,260 ___
 * ELIGIBILITY REQUIREMENTS**