Matched-savings program makes college possible for thousands of Arizona students
By Jude McGee
Earn to Learn is a matched-savings scholarship program that awards students in Arizona financial aid to obtain a postsecondary education while limiting reliance on student loan debt. With financial aid partnerships with Arizona universities and community colleges, as well as philanthropic support, Earn to Learn provides eligible students from low- to moderate-income households with an 8:1 match on each student’s required $500 annual deposit, resulting in $4,500 per year for academic expenses, including tuition, room and board, fees and other costs. The money is saved in an Individual Development Account, a type of bank account designed specifically for matched savings programs.
The organization also prioritizes support for alternative student populations beyond K12, including adults pursuing postsecondary education. Earn to Learn encourages students to begin their investment early, but will still work with them so long as they have a $250 deposit available. Of the scholarship recipients, 65% are first-generation college students, 85% are ethnic minorities, and ages range from 18 to 73.
Kate Hoffman launched the organization in January 2013. She originally brought the idea to Arizona State University, the University of Arizona, and Northern Arizona University, which all agreed that the concept could create a lasting impact. Since then, Earn to Learn has also partnered with community colleges, Grand Canyon University, and vocational schools in Arizona.
“It’s designed to be à la carte in nature,” said Hoffman. “Where students can pick and choose the elements of their education that make the most sense for where they are.”
In addition to matched savings, Earn to Learn provides students with wraparound support, such as postsecondary education success training, financial wellness, business mentorship and workforce development, to help participants thrive. These supports include webinars created by the organization’s partners, which include banks and major employers, that teach students a variety of additional skills that equip them for life after college. Students also have opportunities to meet with a financial counselor to build individualized financial plans, and work one-on-one with a mentor from a field of their choosing, all thanks to volunteers from Earn to Learn’s partner network.
“A great example of how well these services work is one of our newest board members,” said Tasheena McDougall, VP of operations and development for Earn to Learn. “She took advantage of every opportunity in the program, and she’s now an employee with one of our partners and our main point of contact. She was a mentee there and ended up working for them right after college.”
College affordability is a major hurdle for students seeking postsecondary education in Arizona. According to research by Education Forward Arizona, the average price of tuition and fees at the state’s colleges rose by nearly 91% from 2008 to 2018. The same study found that for every $1,000 increase in the cost of college attendance, there is an estimated 3% decline in enrollment. The average in-state cost for Arizona state colleges ranges from $11,000 to $15,000, before room and board and other fees. Community colleges in Arizona range, on average, from $1,000 to $5,000 for in-state students.
“The initial effort was matched savings,” said Hoffman. “But I recognized we needed to do more to support the population we serve.”
Since its founding, Earn to Learn has administered over 10,000 scholarships to more than 6,000 students, totaling $41 million.
“No matter what your financial situation is, college feels like a huge burden,” said McDougall. “A lot of people are scared to approach it. And when people don't see it as a benefit to them, all of society pays for it. If people aren't going to continue their education, we're all going to pay for it.”
Heather Wood is a first-generation college student and a single parent. Through the scholarship program, she’s been able to stay in college despite uncertainty in her life.
“By receiving this particular scholarship, I gained extra knowledge to understand that I can overcome challenges in my life, and no matter what, there is always a solution,” she said. “I have also gained tools that will assist me throughout my life by being able to attend the web seminars that the Earn to Learn Scholarship has offered while working closely with my success coach. My confidence has excelled completely since applying for and receiving this scholarship, and I am forever grateful.”
For more information about Earn to Learn, visit https://earntolearn.org/
