Frequently asked questions about the Matching Grant Program:
- Meet the eligibility requirements.
- You must carefully read and accept the Matching Grant Program Terms and Conditions
- Complete and submit an application along with a copy of your federal income tax return during the application period. The Application Form will be available during the application period.
- Open and/or make contributions to your CollegeInvest savings account during the contribution period.
- If approved, you will receive written confirmation from CollegeInvest indicating that you are eligible for a Matching Grant for contributions you make during the designated period (up to $500, subject to the availability of funds).
- The Matching Grant funds will be awarded in the first quarter following the completion of the program year.
- You can re-apply each year you want to be in the program, for up to five awards.
To qualify for the CollegeInvest Matching Grant Program:
- You must be a Colorado resident.
- Your Beneficiary (child, grandchild, etc.) must be 8 years old or younger at the time of the initial application.
- You must be able to claim the Beneficiary as a dependent for federal income tax purposes.
- Your Family Adjusted Gross Income (AGI) from your tax return, as described in CollegeInvest Matching Grant Program TERMS & CONDITIONS, needs to be at or below the figures in the income eligibility chart below.
- You must carefully read and accept the Matching Grant Program TERMS & CONDITIONS.
- You must open and/or make a contribution(s) to your CollegeInvest College Savings Account during the Program Year for which you are applying.
You may establish only one Matching Grant Account per Beneficiary. If you have more than one Beneficiary, you must submit a separate Application Form for each and they must also individually meet the eligibility requirements.
You can qualify for a total of five awards per Beneficiary.
You have to re-apply and submit new tax forms each year for the Matching Grant Program.
If your family’s Adjusted Gross Income (AGI) is less than the amount listed for the number of dependent children and the number of parents/guardians in the household, you could be eligible for the CollegeInvest Matching Grant Program. The chart below provides guidelines for the 2019-20 Program.
Household size=the total number of persons in the household/family.
For families/households with more than 8 persons, add $17,280 for each additional person.
Source:U.S. Department of Health and Human Services
For example, if you can invest $25 a month in your child’s account during the contribution period, you will have saved $300 for their college education. CollegeInvest will then put in another $300 in matching funds.
And, as long as you continue to meet the program’s requirements and apply each year, you may receive contributions matching yours for up to five awards.
Back to our example, by saving $25 a month for five years ($1,500), and receiving five matching grant awards of $300 each ($1,500), you will have a total of $ 3,000, between your personal savings and the CollegeInvest matching funds.