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Saver Handbook
Dear ICW MS2 Saver:
Congratulations on applying for an Independent Colleges of
Washington (ICW) Account where you will receive $6 for every $1 you
save. This program is called ICW Matched Savings Scholarship (MS2),
and we are excited for your interest in building your assets.
What are assets? Assets are something that has value. When we
think about assets we usually think of a house or a car, but in
this case, your asset is your college education—which is
priceless!
The ICW MS2 Collaborative is made up of participating member
colleges that support students like you in achieving life goals and
building assets. ICW is the MS2 program administrator that will
review your application and work behind the scenes to ensure
program success.
Through this program, you will receive not only the match but an
opportunity to receive training and education to help you prepare
for purchasing your asset and how to best manage it afterwards.
This handbook provides you with information about MS2 and the
expectations of your participation in the program. Please read this
handbook carefully and refer to it when you have a question, or
contact your campus Financial Aid Advisor. Your Financial Aid
Advisor (Advisor) is there to help you understand the program
requirements, connect you with—or provide—the training components,
and serve as a resource and support to you.
Fill in the worksheet below for a quick reference during your
participation in the program. These details will be a useful
reminder while you are in the program.
1. I am saving to pay for my tuition and fees at a participating
institution. 2. I will deposit $__________ each month into my MS2
account at Beneficial State Bank (financial
institution). 3. I will reach my savings goal of $_________ by
date: ____________ (this is called your “Savings
End Date.”) 4. I will complete my financial education by date:
____________ (month/year) 5. I will complete my asset training by
date: _________ (month/year) 6. I must complete my purchase by
date: ___________(month/year) 7. My Financial Aid Advisor’s name
is: ____________________________ and can be reached at
___________________________________________
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Table of Contents
1. Managing Your MS2 Account
....................................................................................................
3
Opening your ICW MS2 Savings Account
..................................................................................................
3
Making Monthly Deposits
.........................................................................................................................
3
Missed Deposits
........................................................................................................................................
4
2. Training Requirements
...............................................................................................................
4
Financial Education
...................................................................................................................................
4
Asset-Specific Training
..............................................................................................................................
5
3. Purchase Your Asset
...................................................................................................................
5
Requesting a Withdrawal
..........................................................................................................................
6
Accessing your ICW MS2 Account
.............................................................................................................
6
Deadline to Purchase your Asset
..............................................................................................................
6
4. Dealing with Emergencies
..........................................................................................................
6
Emergency Withdrawal
.............................................................................................................................
7
Leave of Absence
......................................................................................................................................
7
Early Exit
....................................................................................................................................................
7
5. Program Completion and Graduation
.......................................................................................
8
6. Frequently Asked Questions
…………………………………………………………………………………………………9
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1. Managing Your MS2 Account
Your first step as an approved MS2 Saver is to open your savings
account, known as an Individual Development Account or IDA. This
account will be held jointly with ICW as custodian and will be
monitored monthly by ICW. This account will require two signatures
for every withdrawal in the future, yours and ICW’s.
Opening your ICW MS2 Savings Account After ICW reviews your
application and confirms that you are eligible to participate, you
will receive a welcome letter from ICW with instructions for
opening your account. You will receive this letter via email. This
letter will instruct you to:
□ Open the account at Beneficial State Bank □ Notify your
Financial Aid Advisor that you opened your new account
Choose a date each month that you know you can make your deposit
by and aim for treating it like a bill by paying it the same time
every month. The routine will help you to not forget. For ease and
timeliness, consider setting up direct deposit, automatic transfer
or bill pay for your monthly deposit from your regular personal
checking, savings, or through your employer.
When you go online or in-branch to open the account, please
have:
□ Your welcome letter (emailed or mailed to you from ICW and
authorized by your Financial Aid Advisor);
□ Two forms of identification (e.g., driver’s license, ID card,
social security card, ITIN); and □ Your first deposit amount, along
with documentation to set up a direct deposit or automatic
transfer, if applicable
If you don’t have one already, we recommend opening a personal
checking or savings account for emergencies and other unexpected
costs to avoid the risk of needing to end your participation in the
MS2 program should you need to access some savings. The ICW MS2
account cannot be used in place of a personal account. This means
that it cannot be used for cashing checks, depositing payroll or
social security or receiving tax returns.
Making Monthly Deposits The MS2 program requires that your make
a deposit every month in accordance with your Savings Plan
Agreement. Should you need to amend your plan after enrollment, ask
your Financial Aid Advisor for a Savings Plan Amendment. Any lump
sum deposits must be stated in your Savings Plan Agreement and be
pre-approved by ICW when you apply. These deposits can be from tax
returns, Earned Income Tax Credits (EITCs), bonuses from your job,
and prior savings up to $250.00. If you have problems making
deposits, talk to your Financial Aid Advisor. They will work with
you to include savings in your monthly budget and help you stay on
track to achieve your goal.
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Missed Deposits If you are unable to make the full deposit
stated in your Savings Plan Agreement, you must make at least a $25
deposit to avoid a “Missed Deposit.” If you deposit a lesser amount
in one or more months, be sure you make it up by depositing larger
amounts in the following months to keep on track to reach your goal
by your Savings End Date.
Not making regular deposits may disqualify you from the program
and receiving matching funds.
Remember to maintain good recordkeeping and always save your
deposit receipts for your own records. This is your account and you
are responsible for obtaining and keeping your account number and
being aware of your balance. This account offers a number of
features including 24-hour mobile banking, remote deposit (check
imaging), and access to a Customer Care Center Monday-Friday
7am-6pm and Saturday’s from 10am-2pm by calling 888-326-2265 or
[email protected].
2. Training Requirements Preparation, training, and skill
development are key components to the ICW MS2 program, in addition
to the monthly deposits and match. As a participant, you will
complete two types of training before you can use your funds for
your goal. One focuses on financial education to increase your
knowledge and skills with money management and financial planning.
The other training focuses on preparing you to be successful with
the asset you are saving to purchase. Below is a list of training
resources available to you.
Financial Education You are required to complete no less than 2
hours of financial education in order to complete the program and
access matching funds. In select markets, you may be invited to
attend trainings on campus hosted by community sponsors to achieve
all or a portion of required training.
Unless otherwise instructed by your Financial Aid Advisor, to
complete training hours online, you can go to Financial Genius and
register. Log in and complete Savings, Financing Higher Education,
Building Emergency Savings, and Identity Protection. Completing
these four modules and a personal development plan will achieve 2
hours of training. The personal development plan explores relevant
topics such as creating a budget, increasing income, debt and
credit, creating a savings plan (for savings outside of your IDA),
and examining your education plan. Email your certificates of
completion to [email protected] with copy to your Financial Aid
Advisor.
If this is your second year in the program, you can complete
your required 2 hours of financial education through FinStrong.
Sign up with activation code: watrust. Completing the Organize
& Automate and Stockpile categories, and a personal development
plan, will meet your 2 hours of training.
mailto:[email protected]://atwork.everfi.net/financialgenius/loginmailto:[email protected]://www.watrust.com/personal/online/finstrong/wtb-customer-page?utm_source=ConsumerAd&utm_medium=FinStrong-Sept&utm_campaign=WTBOnline
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Alternatively, visit Hands on Banking and complete Spending
Smart, and Save, Invest & Build Wealth under Young Adult
courses, in addition to a personal development plan. This will meet
your 2 hours of training.
***
If this is your third year in the program, please work with your
Financial Aid Advisor on a customized training plan.
Asset-Specific Training You are required to complete no less
than 2 hours of asset-specific training in order to access your
matching funds. In select markets, you may be invited to attend
trainings on campus to achieve all or a portion of required
training.
Unless otherwise instructed by your Financial Aid Advisor, using
the Financial Genius tool, you can complete Credit Scores &
Reports, Taxes, and Investment modules, which will achieve 2 hours
of training. Email your certificates of completion to
[email protected] with copy to your Financial Aid Advisor.
If this is your second year in the program, continue using
FinStrong wellness tool and complete the Take Charge, Share, and
Wisdom categories to achieve 2 hours of asset specific training.
Sign up with activation code: watrust.
Alternatively, visit Hands on Banking and complete All About
Credit and School & Money under Young Adult courses. This will
meet your 2 hours of asset-specific training.
***
If this is your third year in the program, please work with your
Financial Aid Advisor on a customized training plan. Your Financial
Aid Advisor is a good resource for both asset-specific and
financial education training.
3. Purchase Your Asset After months of savings, you will have
reached your savings goal, completed your training, and be ready to
make your purchase! Here are some important notes about your
purchase. Timing is very important when it comes to making
withdrawals. Read this section carefully to ensure that you can to
make your purchases on time.
https://handsonbanking.org/https://atwork.everfi.net/financialgenius/loginmailto:[email protected]://www.watrust.com/personal/online/finstrong/wtb-customer-page?utm_source=ConsumerAd&utm_medium=FinStrong-Sept&utm_campaign=WTBOnlinehttps://handsonbanking.org/
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Requesting a Withdrawal When you are ready to start spending
your funds you will need to check in with your Financial Aid
Advisor to ensure that you completed all your required training, as
well as the forms necessary to request a withdrawal. Your first
purchase will require that you turn in the following to your
Advisor:
□ Proof of financial education □ Proof of asset training □
Completed Personal Development Plan (if applicable) □ Completed
Withdrawal Request Form
Accessing your ICW MS2 Funds Once you turn in these documents to
your Financial Aid Advisor, they will verify the information with
ICW for processing. When your asset is ready to be purchased, you
will receive confirmation of withdrawal from your ICW MS2 account
and matching funds disbursement in the form of a scholarship to
your financial aid account.
Deadline to Purchase your Asset You must purchase your asset and
close or transfer your ICW MS2 savings account no later than 6
months after the Savings End Date on your Savings Plan Agreement.
If you don’t spend the total funds within 6 months after that date,
you may lose any remaining match funds, and your savings account
will be closed. In the event you’re eligible to re-enroll and
re-apply to the program, closing your MS2 savings account may not
be necessary.
4. Managing Emergencies Financial emergencies can disrupt your
household’s stability and be very stressful. Even minor emergencies
can have a huge impact on a household’s financial well-being. While
ICW recommends that you have a separate savings account for
financial emergencies or unexpected circumstances, we understand
that sometimes these emergencies and circumstances are
unavoidable.
If your household has a financial emergency, you have some
options to consider, including:
□ Requesting permission to make and Emergency Withdrawal from
your ICW MS2 savings account □ Taking a Leave of Absence from the
program
If you choose either of these options, your Financial Aid
Advisor will have you complete the appropriate paperwork. ICW will
then review your request in consultation with your Advisor, and
share next steps.
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Emergency Withdrawal An emergency withdrawal allows you access
to your ICW MS2 savings but requires that you re-save in order to
earn the match. In order to qualify, you must have made monthly
deposits in the program for at least six months before ICW will
consider allowing you to make an emergency withdrawal, and you need
to be able to re-save the funds you withdraw within six months.
Your Financial Aid Advisor will help you complete and submit the
required paperwork to ICW.
Emergency withdrawals are only considered for the following
reasons:
□ Medical costs □ Preventing eviction or foreclosure □ Expenses
following the loss of a job
Leave of Absence
A Leave of Absence (LOA) lets you take a break from making
monthly deposits in your ICW MS2 savings account so that you can
put your money toward a short-term financial crisis. If you would
like to request an LOA, contact your Financial Aid Advisor. You
must have made monthly deposits in the program for at least six
months before ICW will consider this request. Your leave can last
no more than six months. Savers are allowed one LOA during their
time in the ICW MS2 program. This includes any re-enrollment
years.
Early Exit There are some situations that warrant exiting the
program early to remedy a financial crisis or due to a life change.
In these situations, discussing your options with your Financial
Aid Advisor will help to determine if exiting the program early is
the best option for you.
It might be necessary for ICW to exit you early from the program
due to program violations. The following are reasons why you could
be exited early from the program:
□ Not opening your account by the deadline in your account
authorization email □ Making a withdrawal without permission from
your ICW MS2 account □ Not withdrawing funds from your ICW MS2
account when requested □ Missing three consecutive monthly deposits
or six total □ Not completing required financial education or
asset-specific training □ Not communicating with your Financial Aid
Advisor as required under the program, in
consultation with ICW □ Not following your Savings Plan
Agreement □ Changing colleges outside of ICW
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Anyone who is exited from the program early may reapply after 6
months and must demonstrate how their circumstances have
changed.
5. Program Completion and/or Transition to Next Cohort Once you
have successfully completed the program you will be asked to
complete a Program Completion form for ICW.
You may also be asked to share your savings story, or present
your MS2 story to state legislators or other stakeholders. Sharing
your success story helps ICW and your college continue to raise the
private matching scholarship funds and advocate for state financial
aid for thousands of students every year.
You will also need to determine what to do with your IDA savings
account upon completion of the program. You may keep the account
and transition it to a regular savings account, or you may elect to
have Beneficial State Bank close the account and mail you a check
for the remaining balance. Beneficial State Bank will contact you
with options for closing or transitioning your account upon
completion of the program. Submitting a Program Completion form and
notifying your Financial Aid Advisor of your plans initiates this
step.
If you are planning to transition into the next cohort of the
program to save and earn a match again, check with your Advisor to
verify eligibility. If your Advisor determines that you are
eligible, you will need to complete a new savings plan agreement
for the new cohort. Your Advisor will contact ICW to let them know
you will be transitioning, and ICW will work with the bank to
ensure your IDA account is moved to the new cohort.
Happy saving—and welcome to financial independence!
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Matched Student Savings (MS2) Frequently Asked Questions (FAQ)
Below are a few questions students may have once they are enrolled
and consistently saving toward their asset.
I have questions about my bank account, whom do I contact?
Please refer to the Beneficial State Bank FAQ (attached) for
questions regarding your bank account. You may also contact
Beneficial State Bank at 888-326-2265 with any questions or
concerns.
I am ready to withdraw funds from the MS2 program, what do I
do?
Contact the Financial Aid Advisor (Advisor) in your financial
aid office and let them know that you believe you are ready to
purchase your asset (apply personal savings and matching funds
earned toward your education). They will help you fill out a
withdrawal form and send it to Independent Colleges of Washington
for approval.
Independent Colleges of Washington will review your Savings Plan
Agreement, verify your compliance and account balance, and then
initiate the withdrawal process with Beneficial State Bank. The
bank will mail a check to your financial aid office for the total
amount of your savings withdrawal, and Independent Colleges of
Washington will mail a check to your financial aid office with the
total amount of your 6:1 match. Your Advisor will then credit the
funds to your student account.
I would like to use my MS2 funds for educational expenses other
than tuition, whom do I talk to about this?
Contact your Advisor about using your MS2 funds for an
educational expense other than tuition. Each campus has a different
procedure for this scenario. If you or your Advisor have any
questions about what can count as an educational expense, please
contact Kris Gonzales at Independent Colleges of Washington at
206-624-4494 or [email protected].
I have questions about the withdrawal process or my Savings Plan
Agreement, whom do I contact?
You first step should be to consult with your Financial Aid
Advisor on your campus. You may also contact Independent Colleges
of Washington, the administrator of the MS2 program, at
[email protected] or 206-624-4494.
mailto:[email protected]:[email protected]
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https://bcorporation.net/directory/beneficial-state-bankhttps://impact.beneficialstate.org/report/
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https://moneypass.com/atm-locator.htmlhttp://www.star.com/locator/
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http://www.beneficialstate.com/https://beneficialstatebank.com/our-story/branches-and-atmsmailto:[email protected]
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mailto:[email protected]
1. Managing Your MS2 AccountOpening your ICW MS2 Savings
AccountMaking Monthly DepositsMissed Deposits
2. Training RequirementsFinancial EducationAsset-Specific
Training
3. Purchase Your AssetRequesting a WithdrawalAccessing your ICW
MS2 FundsDeadline to Purchase your Asset
4. Managing EmergenciesEmergency WithdrawalLeave of AbsenceEarly
Exit
5. Program Completion and/or Transition to Next Cohort